during the opening session of the 20th National Congress of the Communist Party of China (CPC) at the Great Hall of the People in Beijing, China.Getty Images
The announcement last month that Biden has rejuvenated a series of bilateral sector-defined “Economic and Finance Working Groups” as mechanisms for certain Washington Cabinet agencies to engage in dialogues to resolve key trade and investment frictions between the U.S. and China was a “Groundhog Day” moment.
For almost two decades, successive Washington administrations pursued these “exchange of information” regimes with Beijing. It would not be an overstatement to conclude that all of these previous attempts failed to deliver meaningful, concrete economic policy changes on the part of China—not only because they were structured around dialogues per se rather than committing to the execution of specific reforms…
