Our latest episode of the Sinical China podcast focuses on the meeting between Chinese President Xi Jinping and U.S. President Donald Trump in South Korea. We invited Wang Dong, Professor of the School of International Studies at Peking University, who also directs the Institute for Global Cooperation and Understanding at Peking University, to share his insights on the meeting.
The following is a full transcript of the podcast, recorded Oct. 31 and broadcast Nov.3.
Host:
Welcome to Sinical China. On Oct. 30th, Chinese President Xi Jinping and U.S. President Donald Trump met in South Korea—their first face-to-face encounter in six years. The meeting came amid a stop-and-go pattern in trade talks and strategic tensions between the world’s two largest economies.
President Xi said at the meeting that economic and trade interactions should remain ballast and driver of ties, not obstacles or sources of conflict. He also said the two sides should think big and recognize the long-term benefit of cooperation, and must not fall into a vicious cycle of mutual retaliation. President Trump, for his part, said the two sides had reached an agreement on many things. He described the meeting as a twelve out of ten. The meeting, lasted about one hour and 40 minutes, has captured worldwide attention, not just for the handshake itself, but for what it might signal about the future trajectory of China-U.S. relations.
What messages does it send—for China, the U.S., Asia, and the wider world? And what might it mean for the next phase of high-level communication between Beijing and Washington? To help unpack these questions, I’m honored to be joined by Professor Wang Dong from the School of International Studies at Peking University, who is also directing the Institute for Global Cooperation and Understanding at Peking University. Prof. Wang, thanks for joining us today.
Wang Dong:
Thank you.
Host:
Let’s start with the big picture. How would you describe the overall tone of this Xi-Trump meeting? Do you think both sides achieved what they came for? And what key takeaways or signals from the meeting should the world be watching most closely?
Wang Dong:
Well, I think since the beginning of this year, President Xi Jinping and U.S. President Donald Trump have maintained close communication. Over the past months or so, both sides have worked towards facilitating this high-level meeting. It can be said that the Busan summit meeting was a natural culmination of all these efforts. The bilateral meeting commenced immediately upon President Xi’s arrival in Busan, reflecting the high significance and positive expectations both sides attach to this encounter.
The meeting proved highly productive, with both sides agreeing to strengthen cooperation across more fields and deepen exchanges and interactions. This has consolidated the sound relationship between the two leaders and opened a new chapter of stability in bilateral relations.
A healthy and stable China-U.S. relationship serves the common interests of both countries. The talks charted the course for the next phase of bilateral relations and will facilitate greater consensus in the future. The Busan summit has fostered a favorable environment for the respective development of both countries, prompting their respective teams to build upon the leaders’ consensus to consolidate the outcomes of previous economic and trade consultations, effectively resolve economic and trade conflicts, and thereby continue to propel the development of bilateral relations.
The talks also laid a solid foundation for future regular exchanges between the two heads of state. The China-U.S. relationship stands as one of the most significant bilateral relationships in the contemporary world. During this meeting, both leaders recognized that China and the United States can join hands to accomplish numerous significant, practical, and beneficial endeavors for both nations and the world.
In recent years, the world has faced numerous complex challenges. The stability of China-U.S. relations also facilitates both countries in shouldering their responsibilities as major powers, working together to resolve regional hot-spot issues, promoting global economic development, addressing challenges in global governance, and continuing to advance the building of a community with a shared future for mankind.
Host:
Turning to the economic side, how do you see this meeting shaping China–U.S. trade relations in the short term and the long term? Would you call it a temporary truce, or do you think we’re actually entering a phase of broader easing in the trade tensions?
Wang Dong:
Well, China has consistently maintained that the essence of China-U.S. economic and trade relations lies in mutual benefits and win-win outcomes. The Busan summit has undoubtedly further consolidated the consensus and achievements reached through dialogue to resolve issues, once again, charting the course for bilateral economic and trade relations going forward.
President Xi emphasized that economic and trade cooperation should continue to serve as both the ballast and the engine for bilateral relations. While structural and long-term contradictions exist in the economic relationship, the leaders’ consensus has established a sound overall atmosphere for future interactions between the two countries. It has also set the principles of equality, respect, and mutual benefit, pointing the way to long-term cooperation rather than mutual retaliation.
So I think this will definitely help steer the bilateral relations toward a new phase characterized by overall stability, mutual understanding, and mutual benefit. The outcomes of previous high-level meetings demonstrate China’s sincere commitment to resolving economic and trade issues through consultation. China keeps its word and delivers on its commitments, consistently implementing the consensus and tangible outcomes of these talks.
Yet, China’s principles in safeguarding its interests remain equally firm. In other words, China’s stance on mutual benefit and win-win cooperation is stable and consistent. We hope the U.S.side will also actively fulfill its commitment, implement the consensus reached during this meeting, and continue advancing the overall easing of bilateral economic and trade relations, as well as long-term cooperation.
Host:
Now let’s talk about the U.S. side. For the Trump administration, do you see the recent concessions—like lifting some tariffs—as part of Trump’s personal style, or more of a political calculation at home?
Given his push for “Made in America” and framing trade as a national security issue, do you think China and the U.S. can still find new areas of cooperation?
Wang Dong:
Well, I think Trump’s China policy continues to adhere to his so-called “America First” policy platform, while his distinctly business-oriented mindset views China as a competitor for economic interests, rather than an ideological rival.
Since the beginning of this year, the U.S. has abused its tariff policies, leading to rising domestic prices in the United States, a blow to commodity trade, declining market confidence, increased recession risks, and growing domestic opposition. These factors intertwine to form the complex backdrop of America’s competitive strategy toward China. Therefore, Trump’s recent softening of stance toward China aligned with his pragmatic style, while also reflecting the tangible damage the trade war has inflicted on the U.S. economy and interests.
As the world’s two largest economies, China and the United States possess vast potential for economic and trade cooperation across multiple emerging sectors. During the Busan summit, President Xi Jinping called for enhanced communication and collaboration across all fields and channels, with both sides agreeing to strengthen cooperation in areas including trade, energy, and more.
So both nations currently face challenges such as advancing industrial transformation and upgrading, while countering economic downturn pressures. Cooperation in emerging sectors will not only benefit their respective economic development, but also inject vitality into global economic growth as well.
So I think the Busan summit undoubtedly lays a solid foundation for deepening bilateral collaboration, as long as both sides continue to prioritize long-term interests and strengthen exchanges and mutually beneficial cooperation based on principles of equality, respect, and reciprocity. I think they will surely expand their cooperation agenda going forward.
Host:
Thank you, Prof. Wang, for your elaboration. I’m also curious that in your view, how the United States’ allies—especially those in the region—will perceive this meeting between the Chinese and U.S. heads of state? What’s the broader significance of this meeting for the Asia–Pacific region and for the global economy as a whole? And how might it affect regional supply chains and market confidence?
Wang Dong:
Well, as one of the most important bilateral relationships in the world today, the China-U.S. leaders’ summit meeting has, of course, drawn global attention. A stable and sound China-U.S. relationship is not only the shared aspiration of the peoples of both countries, but also the common expectation of the international community.
The two countries should jointly take up the responsibilities of major countries, which will help resolve regional hotspot issues and global governance challenges of concern to the international community, and contribute to the steady and healthy development of the world economy and trade.
Certainly, key U.S. allies in the Asia-Pacific region maintain close economic and trade ties with China, and friction between China and the United States in economic and trade matters similarly hinders the economic development of U.S. allies.
For some time, geopolitical frictions have existed between China and the United States, as well as its regional allies. We are confident that countries in the region would also welcome the stabilization of China-U.S. relations, because it will then help ease political tensions with China, bring economic and trade exchanges back on track for mutually beneficial cooperation, reduce regional tensions, and continue to promote regional integration.
As the world’s two largest economies, improvement in China-U.S. relations often coincides with noticeable easing of global market tensions, significant gains in stock markets across multiple countries, and corresponding currency appreciation.
The Busan summit further provides stable expectations and brighter prospects for bilateral economic and trade relations. Therefore, it sends a very strong signal for resolving trade conflict going forward, instills long-term confidence in sustained economic growth among markets and investors, brings favorable development prospects to all industries, and creates a stable environment for the development of both nations. Undoubtedly, the world economy will gain stronger momentum after the Busan summit.
Host:
Let’s turn to an issue that was not on the table this time—Taiwan. The Taiwan question was notably absent from the agenda, whereas it had been raised in almost all major meetings or phone calls between the two leaders. From your perspective, what might explain this omission? What does this deliberate avoidance signify in the context of current China-U.S. relations?
Wang Dong:
I think the Busan summit, the two leaders focused on a discussion about the trade and economic issues between the two countries, and therefore that’s the reason why the Taiwan issue was not brought up during the summit.
We all understand the Taiwan issue remains one of the most sensitive and most important issues in China-U.S. relations, and if we look at it, I think the core of the Trump administration’s policy, of course, is America First, which also means that Taiwan is no longer a strategic priority for the United States.
So, given that the Taiwan issue does not fall within the core interest of his “America First” agenda, apparently, I think U.S. President Trump has adopted a strategic ambiguity approach, treating it more as a bargaining chip to achieve trade balance objectives while leaving room for dialogue to resolve regional issues.
So I think the Busan summit has set a positive tone for the steady development of overall bilateral relations. Previous rounds of economic and trade negotiations have also advanced tangible solutions to trade issues of mutual concern. Consequently, Trump may continue to maintain the strategic ambiguity when it comes to Taiwan, refraining from breaching the bottom line principles China has consistently emphasized during consultations.
In fact, the Taiwan issue is purely China’s internal affair. China’s resolve to pursue reunification remains unchanged. As a businessman, Trump has a very typical transactional personality, and he views everything as part of a deal he wants to strike with his partner.
Therefore, I think he is more likely to make a commitment to China on the Taiwan issue and even publicly support peaceful reunification between the Mainland and Taiwan.
In fact, on May 12th this year, right after the Geneva trade negotiations were concluded, Trump stated in a press conference that the outcome of the China-U.S. trade talks actually was very good. It was good for the United States, good for China, good for the world, and good for “unification and peace.”
And of course the U.S. State Department immediately came out denying any change in U.S. policy toward Taiwan, but we all understand that Trump actually referred to the peaceful reunification between the mainland and Taiwan, and in the context of China and the United States were trying to strike a deal.
So for the Chinese people and the Chinese government, of course, sovereignty is non-negotiable. China will demonstrate its resolve for reunification to the international community with a persistent struggle against voices advocating for the division of China, thereby securing, I think, Trump’s possible commitment to the peaceful reunification between the mainland and Taiwan. So I think, in principle, Trump might become the first U.S. sitting president who is willing to publicly support a peaceful reunification between the mainland and Taiwan.
And again, China is firmly opposed to any separatist actions seeking the so-called “Taiwan independence,” and firmly opposed to any foreign interference. And China has worked and will consistently work to solidify the international consensus on the one-China principle and urge the U.S. side to truly fulfill its commitment to opposing Taiwan independence.
Host:
Here comes my last question. President Trump has said he plans to visit China next year, probably in April, and next year’s G20 will be hosted by the United States. With more opportunities for high-level meetings between China and the U.S., do you think there is a significant chance the two countries could enter a period of more stable bilateral relations?
Wang Dong:
Looking ahead, the two leaders are expected to maintain regular communication in the coming months beyond potential reciprocal visits. Upcoming summits, such as the G20 Summit and the APEC Economic Leaders’ Meeting, could provide the first opportunities for the two leaders to meet again.
And as I just noted, fundamental and structural contradictions between China and the United States of course will inevitably persist over the long term, leading to frictions in the development of the bilateral relations.
In addition, there are also divergences between the two countries on many issues due to differing political and cultural conditions. However, the two countries cannot afford to fight against each other, nor can they win such a fight.
So this meeting undoubtedly charts the right course for stabilizing bilateral relations, consolidating the outcomes of previous consultations, and guiding sustained positive interactions between the two countries.
It also charts a path forward for both countries to avoid the so-called “Thucydides Trap” and promote a steady, sound, and sustainable development of the China-U.S. relationship. China has consistently maintained a high degree of continuity and stability in its U.S. policy following each summit meeting, promoting the healthy development of bilateral relations based on the consensus reached by the two leaders.
As President Xi stated during the Busan summit, China’s development and revitalization go hand in hand with President Trump’s vision to make America great again. As long as both sides actively implement the consensus reached at the meeting and jointly shoulder the responsibilities of major countries, I think China and the United States will surely achieve mutual success, boost each country’s development, write a new chapter of shared prosperity, work together to resolve regional hot-spot issues and global governance challenges, and advance bilateral relations to a new stage of stability and progress.
Host:
Thank you, Prof. Wang, for sharing your insights. Wang Dong is a professor at the School of International Studies at Peking University, who is also directing the Institute for Global Cooperation and Understanding at Peking University. I am Tan with Xinhua News Agency. That is all for this episode of Sinical China. Thanks for listening.
Tan Yixiao, host of this podcast, is a journalist with Xinhua News Agency. Currently based in Beijing, she spent three years in the U.S. covering politics and international affairs. Email: yixiaotan@live.cn
