The great-power competition between the United States and China is a defining feature of the first part of this century, but there is little agreement on how it should be characterized. Some call it an “enduring rivalry” analogous to the one between Germany and Britain prior to the last century’s two world wars. Others worry that America and China are like Sparta (the dominant power) and Athens (the rising power) in the fifth century BC: “destined for war.” The problem, of course, is that a belief in the inevitability of conflict can become a self-fulfilling prophecy.

China and the United States have been working in the right direction since the Bali summit. However, they still face many challenges. Next year is the 45th anniversary of China-U.S. diplomatic ties. What better time to bolster the foundation of peaceful coexistence and inject some certainty into a turbulent world?

In the cold winter of 1972, a schoolteacher in a poor Chinese village asked his whole class: “The U.S. president Nixon and his adviser Dr. Kissinger will be in China. What should we do?”

Over the 45 years since the China-Japan Peace and Friendship Treaty, the economic scale of the two countries has shifted. In addition, their economic structures have evolved, moving beyond an era of asymmetric dependence to a new phase characterized by mutual reliance.

“A Better Biden-Xi Summit?” was the title of my commentary last month, and the emphasis was on the question mark. With good reason: Last year’

In the competition between major powers, rational ones will choose strategies to protect their own interests. Irrational ones are likely to fall into a trap laid by rivals in which the cost of influence in underdeveloped regions becomes overbearing and results in retreat.

Relations with the United States are, for China, the most important bilaterally, while those with Japan are among the most important for the East Asian neighborhood. But worries that each of these relationships could drift apart again are real. There’s a limited window of opportunity to get things right.

Two presidents focused on restoring communication, expanding dialogue and managing risks, and they reached many points of agreement. But the United States is entering a contentious political campaign season, which is sure to include an increase in strident anti-China rhetoric.

The summit meeting of presidents Xi Jinping and Joe Biden was an opportunity to redefine the narrative, find balance and set a precedent for a more predictable framework in which global challenges can be tackled together. The world is watching.

In the following interview with James Chau of China-US Focus, Swaine, an expert in China and East Asian security studies, explains why the two governments need to acknowledge their own contributions to mutual mistrust and the decline in bilateral relations. He also sees China as a key player on the world stage that needs to exercise its influence more directly. The interview has been lightly edited for clarity.