Day one of the summit in Beijing between President Xi Jinping and US President Donald Trump opened with a welcome ceremony befitting the importance of the event, and ended with a significant agreement on the future of the China-US relationship. Most importantly, the two sides have agreed to establish a new strategic framework of “constructive strategic stability”.

This hopefully will define the bilateral relationship for the rest of Trump’s term. It is not simply the definition of a relationship between partners or rivals, however, but a realisation that the China-US relationship is so complex and consequential they need to keep it stable – not only for the sake of the two peoples, but also for the international community.

This will require the two sides to proactively manage the relationship. China realises there is bound to be competition and differences. But no rivalry should override the importance of an enduring stability between the two, given it is the base of the development of not only China and the US, but the whole world.

Beijing has stipulated one concrete red line for strategic stability – the issue of Taiwan, which it sees as a renegade province to be reunified with the mainland by force if necessary. The Chinese side has made it clear that if this issue is not handled well, it would destabilise ties and lead to conflict and confrontation.

As long as the two sides can keep their relationship stable, China is open to discussions on cooperation with the US in economic affairs, trade, fighting crime and other geopolitical issues.

Stronger bilateral ties can benefit the whole world

This long-awaited summit, on Trump’s first visit to China since his 2017 presidential trip, could influence the course of great-power relations and geopolitics.