Analysts: China and US should jointly tackle global challenges

China and US should work together to tackle common global challenges for the benefit of both sides as well as the whole world, analysts said.

Graham T. Allison, Douglas Dillon Professor of Government at Harvard Kennedy School, said the Shanghai Communique, which was issued 50 years ago, had set the stage for the normalization of Sino-US ties and "deserves to be repeated".

Although China and the US have become competitors in certain areas, the two countries live on a small planet and are basically inseparable and conjoined Siamese twins, as both countries face common challenges, including in the security arena and the climate change sector, he said during a webinar on Wednesday.

The idea that there might be a new economic iron curtain in which the US is on one side, with everybody else joining the US, and China is on the other side, also "make no sense" to him. Because China is "the major trading partner of everybody, China is a backbone of the global economy", he said.

Wang Huiyao, founder and president of Center for China and Globalization, said that China has very largely contributed to global stability and prosperity over the past 50 years. It has become the second-largest economy in the world.

He said that China and US are also entwined with each other economically. When governments adopt protectionist policies, ultimately the consumers will bear the cost. Thus, both sides need to strengthen global governance and find a way to work together to make the world a better place.