In his dinner speech following the recent summit between China and the United States, President Xi Jinping mentioned that the Chinese Dream and US President Donald Trump's push to "Make America Great Again" can go hand in hand.

If MAGA and the Chinese Dream of achieving the great rejuvenation of the Chinese nation are viewed from the perspective of cooperation and symbiosis, rather than conflict and confrontation, the two countries could grow and develop in the direction of win-win cooperation rather than a zero-sum game in the future.

While the meeting concluded without a joint statement, this vision offers a hopeful blueprint. But since differences and competition between the two countries remain, a pragmatic understanding of each other's strategies and a concerted effort to foster cooperation will be required instead of escalating confrontation.

Beijing believes that in the medium to long term, although strategic competition with the US is already an unavoidable reality, China can manage the current tense situation and expand its global role without a possible head-on confrontation with the US. However, the current US administration is running out of time, as it must demonstrate, within the remainder of Trump's term, tangible achievements and results for his "Make America Great Again" approach.

However, the strategic competition between the impatient US and the relaxed China must be observed from a long-term perspective.

The US and China are within a complex framework of relationships, in which they must maintain structural strategic competition to avoid a catastrophic scenario for both, and must protect their respective national interests.

The competition and confrontation between them have been established not merely as an issue for the two countries, but as a key factor having a direct or indirect impact on global economic growth.

The combined nominal GDP of the US and China already accounts for more than 43 percent of the global economy, with the two economies playing a very important role in global economic growth. Furthermore, global supply chain fragmentation and competition for technological leadership are exacerbating global geopolitical and geo-economic uncertainty. Under these circumstances, discussions between the two countries to establish a relationship of "constructive strategic stability" can serve as a foundation for a new vision for US-China relations.

In particular, the stable management of US-China relations and restrained competition are essential for addressing transnational challenges, such as maintaining peace, achieving economic prosperity and responding to climate change in the Asia-Pacific region, which is the hub of the global economy and supply chains.

This is because a conflict between two superpowers would inevitably lead to economic damage and security instability for countries in the region. To realize the vision of the Chinese Dream and MAGA coexisting harmoniously, both countries must expand the scope of cooperation rather than conflict in three major areas of international order and security.

First, the strategic space for global supply chains and economic prosperity must be expanded.

The restructuring of global supply chains and deglobalization have a negative impact on the world economy, as trade conflicts and tariff barriers between the two countries fragment global supply chains and increase production costs. If global supply chains collapse, production and investment in neighboring countries will also continuously shrink. This would inevitably affect the interests of both the US and China. Therefore, the strategic scope for cooperation must be expanded for the sustainable economic growth of the US and China and countries in the Asia-Pacific.

Second, mutual communication channels must be expanded for global geopolitical stability.

Geopolitical conflicts and clashes in the Middle East and Ukraine are inflicting shocking damage on global security and the economy, so responsible risk management by the US and China, which are engaged in strategic competition, is crucial for minimizing global geopolitical conflicts.

Diplomatic compromise and communication between the two countries can play a key role in stabilizing the global economy and mitigating supply chain risks. Furthermore, efforts need to be made to prevent accidental clashes and to establish a relationship of strategic stability, which can also prevent regional instability and foster a peaceful diplomatic environment.

Third, the US and China can play a leading role in jointly responding to global issues such as climate change. Climate change and changes in the marine environment are interconnected — core global issues that cause ecosystem destruction, food insecurity and extreme weather events. Only when the two countries cooperate can such transnational issues be effectively resolved.

While the relationship between the US and China is based on the fundamental axis of "strategic competition", it can also be a relationship of competitive collaboration, in which they can cooperate to avoid unnecessary conflict while pursuing their own interests. It is crucial for the two nations to cooperate for economic interdependence and the resolution of global issues, while simultaneously engaging in strategic competition for national interests.

The author is chairman of the Korea-China Association and a professor of China studies at Yongin University in South Korea. The views do not necessarily reflect those of China Daily.