President Biden recently gave his first speech on foreign policy after assuming office. While his speech focused more on competition with China, both China and the U.S. must establish ways to cooperate in order to co-exist.

The early Biden administration’s buzzword is “strategic competition” when it comes to China. Yet, with a litany of domestic problems at hand, true diplomacy may be sidelined, or worse, sacrificed to retain a positive outlook for Joe Biden’s domestic agenda.

Attempts to overturn ideological differences between China and the United States will not solve any of the challenges that lie in their bilateral relationship.

As the U.S. continues its financial blockade against China, China can respond by opening up to foreign financial institutions and achieve recoupling.

While some anticipated a “reset” of U.S.-China relations with the new Biden administration, this does not seem to be the case. Early signs reveal considerable continuity with the previous Trump administration, although some changes in tactics can be anticipated.

The Biden administration is attempting to merge some domestic priorities with foreign relations, which should create some room for cooperation. The pandemic, economic recovery and climate change are good places to start.

A fresh face at the table may be just what the U.S.-China relationship needs. With Joe Biden officially in the Oval Office, the work is cut out for the new administration.

By relying on a foreign policy rooted in pragmaticism and innovation, Biden can strengthen alliances and cooperate with a Europe that is increasingly more divided.

If the U.S. president, under pressure, makes a hybrid of the Trump and Obama legacies, intensified strategic competition in China-U.S. relations is likely and the risk of confrontation will continue to rise.

New U.S. President Joe Biden is facing a new and different China focused on global rules. It is trying to work with the United States in a mutually beneficial way, but it is preparing for the worst-case scenario. The two countries now have a window of opportunity to usher in a new phase in their relationship.