As one of the largest developing countries in the world, China and the United States are rich in labor resources, with obvious cost advantages, broad market and unlimited development potential; The other is the largest developed country with the strongest economic and technological strength in the world. Economy is a powerful material condition of a country, the most core, realistic and practical national interest, which directly determines the status and influence of the country. Therefore, economy and trade are a barometer of the relationship between countries. China and the United States are at different stages of economic development. With the deepening of economic globalization, the economic relations between the two countries have strong mutual benefit and complementarity. At the same time, there are all kinds of frictions in the competition.

The widening trade deficit between China and the United States is the decisive factor for the turmoil in Sino-US relations. The reason why there is such a large trade deficit between China and the United States is not only the different statistical methods adopted by China and the United States, but also related to the trade restrictions adopted by the United States against China. China's exports to the United States are mainly labor-intensive products, mainly agricultural products, with low added value, which meets the needs of ordinary American consumers. American exports to China should be mainly capital and technology-intensive products. However, the United States politicized its economy and trade and refused to export high technology to China on the grounds of security. American high technology is in the leading position in the world, and technical products also occupy a decisive position in American foreign exports; China is in the process of modernization, and the demand for technical products is constantly expanding. This economic and trade restriction in the United States has seriously affected the complementarity of trade and led to the further expansion of the trade balance. Judging from the trade deficit between China and the United States, what China and the United States lack is understanding and trust. It is this kind of incomprehension and distrust that causes trade friction. Only when China and the United States calm down and strengthen understanding and trust is a better solution, not a direct confrontation.

Another deadlock in Sino-US trade is the RMB exchange rate. Since 1994, RMB has been freely convertible under the current account at the exchange rate of 1 USD to around 8.277. The dollar has been depreciating since 2002. Since 2003, the United States has publicly asked China to adopt a "flexible exchange rate". In the United States, there is a view that China's exchange rate policy has aggravated the domestic unemployment problem. Many Americans blame the US-China trade deficit on the low exchange rate. But in fact, not all American businesses and people want to see the RMB appreciate. At present, China has become the largest holder of US Treasury bonds. If China raises the RMB exchange rate and substantially reduces its holdings of US Treasury bonds, both US government expenditure and personal consumption may be affected. Floating exchange rate and opening capital market will aggravate the inherent difficulties of China's financial industry and disrupt China's economy and even the global economy. In fact, China has implemented the floating mechanism of RMB exchange rate, but this process is relatively slow, but it is completely developed in accordance with the national conditions of China, which is suitable for the development of China. The United States has repeatedly demanded RMB appreciation, and it is unrealistic to demand a sharp appreciation in one step. There is no right or wrong exchange rate in the world. Only at the right time can a floating exchange rate be beneficial to the economy and trade between China and the United States. On the issue of RMB appreciation, on the one hand, the United States requires RMB to appreciate substantially, on the other hand, it has not set a "timetable" for RMB appreciation. It can be seen that both China and the United States are stakeholders, and no one can do without the development of others. Only when both sides have a better understanding of each other's national conditions and reality can we find the fulcrum of balance between the two sides. Strong oppression is not the solution.

Intellectual property protection is a thorn in Sino-US trade. As early as the 1980s, there were intellectual property disputes between China and the United States. The United States has obvious advantages in technology-intensive industries, so the United States is very concerned about intellectual property protection and regards it as a major issue related to its core competitiveness and leading position. In terms of intellectual property protection, it is true that we in China have not done well enough, but we have made great progress in the legislation and enforcement of intellectual property protection. We have stepped up inspections to crack down on piracy and counterfeiting activities, and stepped up publicity on public respect for intellectual property rights. However, the protection of intellectual property rights also needs a process and international cooperation, which is not a matter within a country. Only under the guidance of the spirit of seeking truth from facts can China and the United States strengthen dialogue, supervision and cooperation, effectively protect intellectual property rights, ensure full and free competition, and finally resolve intellectual property disputes. In the world of interdependence and economic globalization, friction is normal and inevitable, which is not terrible. Frequent economic and trade frictions between China and the United States reflect the close economic relations between the two countries. The Sino-American economy is becoming more and more important to both sides.