With the Regional Comprehensive Economic Partnership (RCEP) expected to take effect next year, China steps up building its first free trade port in Hainan. It shows how Beijing is preparing to capitalize and contribute to the success of the world’s largest free trade agreement (FTA).

China’s record 1st quarter performance will accelerate momentum and support global economic prospects. But new trade wars could once again derail global recovery.

China is working to assert itself as a global leader in digital currency through the implementation of the digital yuan. The results of this could unravel the global financial system at worst, but at best, could establish a global infrastructure with equal monetary anchors.

The strengthening of the economy also means growing attractiveness for global investors. During the first quarter of 2021, FDI inflows to China accelerated tremendously, and there are good opportunities for U.S. investors, with no chance to lose.

While the agreement would help combat some long-standing global problems, it would also curtail many countries’ competitiveness and undermine their tax sovereignty in the long run.

China’s position in the global markets as a source of cheap labor has evolved into a dynamic new phase, that requires new solutions to bridge China’s past with its promising future.

U.S. wants China to negotiate before it lifts tariffs on $350 billion worth of Chinese goods.

The OECD is projecting an uneven K-shaped economic recovery from the pandemic in 2021. Richer countries with more extensive vaccine rollouts that can afford to reopen and reflate their economies will do so. Poorer economies will struggle to stay healthy and avoid debt crises. But the mantra that “no one is safe until everyone is” highlights the need to spread health, wealth, and self-respect to all. An increasingly prosperous China can and should play a central role in this effort.

It wasn’t just the weather that was cold when senior US and Chinese officials convened recently in Anchorage, Alaska to try to reset their countries’ relations after four years of mounting tension. Sadly, the meeting was more reminiscent of the Cold War era than of a fresh start. That needs to change quickly – before it is too late.

The primary takeaways involve China’s military spending, development pattern and approach to relations with the United States. Both countries know that only by dealing with domestic issues will they be able to maximize their international role.