Core Viewpoint - The article discusses the new phase of China-US economic and trade relations, highlighting the transition from conflict to a more balanced dialogue, which may have significant implications for global governance and the international monetary order [2][3]. Group 1: New Phase of China-US Economic Relations - The economic relationship between China and the US has evolved through three distinct phases: "coexistence and win-win" (2005-2016), increasing trade friction (2017-2024), and a new phase of equal dialogue starting in 2025 [4][5][12]. - The "coexistence and win-win" phase was characterized by strong economic interdependence, with China providing cheap labor and the US benefiting from low inflation and financial prosperity [5][7]. - The increasing trade friction phase saw the US imposing tariffs, with the effective tariff rate on China remaining high at 19.3% even after some easing in 2020 [11][12]. Group 2: Characteristics and Policy Implications of the New Phase - The new phase is marked by a balance of power, allowing for negotiations that could lead to mutually beneficial agreements, such as adjustments in tariffs on agricultural products and strategic resources [20][21]. - The US's reliance on China for certain exports and the need for China to maintain its economic growth create a scenario where both countries have incentives to engage in dialogue [20][22]. - The potential for currency adjustments, such as the appreciation of the yuan and the reduction of US tariffs, could help rebalance trade and improve consumer purchasing power in both countries [21][22]. Group 3: International Monetary Order and Asset Implications - The new phase may reinforce the ongoing restructuring of the international monetary order, with a shift away from dollar dominance towards a more fragmented and diversified system [26][28]. - The trend of capital returning to domestic markets, particularly in China, indicates a growing preference for local investments amid global uncertainties [28][30]. - The long-term competition between the US and China is likely to drive increased investment in research and development, impacting various asset classes differently, with strategic resources like rare earths gaining importance [54][55].