US President Joe Biden came to office promising to correct the mistakes of the Trump administration. He has now been in office for a year and it’s time to review some of his achievements.

There are so many daunting challenges in the nuclear arena that many suspect that disorder might be the defining feature of the future. Some of the challenges were created by the nuclear powers; others arise from emerging technologies.

The US Federal Reserve has just released its bi-annual financial stability report, in which it picked up "stresses in China's real estate sector which could strain the Chinese financial system, with possible spillovers to the US," rendering it an economic threat for US.

China-U.S. relations, which deteriorated steadily after the Trump administration launched it so-called trade war in May 2018 and have been stagnant since Biden's inauguration in January, have finally shown some positive momentum. The release of Huawei executive Meng Wanzhou pulled out a painful thorn. Ranking diplomats of the two countries held fruitful talks in Zurich, and trade, climate and military teams have begun reestablish contact. Most important, presidents Xi Jinping and Joe Biden are expected to meet virtually by the end of this year, according to the American side. The question now is how far Beijing and Washington will go, and in what direction.

In America’s script for strategic competition with China, the United Nations plays a key role. In a departure from the Trump administration, President Joe Biden and the Democratic Party elite place greater emphasis on understanding the challenges posed by China in the context of the international system, in particular the U.S.-China rivalry in affairs related to the UN. Some U.S. experts suggest that Beijing is stepping up its efforts to shape a “UN with Chinese characteristics.” Hence, the UN is becoming one of the main battlegrounds for the U.S. against China, a phenomenon that threatens to further destabilize the international system.

Against the backdrop of a high inflation crisis, a serious supply chain tension has become an acute issue in the US with a swath of cargo ships stranded in ports while Americans may face empty shelves on the cusp of the holiday season. So it's not surprising that Transportation Secretary Pete Buttigieg predicted during a recent CNN interview that supply chain issues will continue into next year. Citing reasons of an imbalance between supply and demand, as well as infrastructure problems, Buttigieg also took the chance to push the Biden administration's infrastructure spending bill which has stalled in House of Representatives and faces significant surgery if there is any chance of becoming law.

On Oct. 6, Yang Jiechi, a member of the Political Bureau of the Communist Party of China Central Committee, met with U.S. National Security Adviser Jake Sullivan in Zurich, Switzerland — another strategic engagement following the phone call between Chinese and U.S. heads-of-state on Sept. 10.

During the White House tenure of Donald Trump, the U.S. made significant adjustments to its transatlantic policy, leaving Europe to struggle with the changes. The two sides had big differences on economy, trade, security and global governance, precipitating moments of grave turbulence. After the inauguration of Joe Biden, America’s European policy gradually returned to normal, ushering in some constructive changes in transatlantic relations. Now it seems the U.S. and Europe are embracing on a new honeymoon.

Recently, both U.S. President Joe Biden and Chinese President Xi Jinping spoke during the general debate at the 76th session of the United Nations General Assembly, offering their insights on the key challenges and issues facing the world. For sure, both leaders’ speeches were well thought-out, providing their own visions of the international order.

On Sept. 10, the presidents of China and the United States had their second phone call since Joe Biden took office, signaling that the two sides will stabilize bilateral relations. The key remark of President Xi Jinping during the call was that “the China-U.S. relationship is not a multiple-choice question of whether we should have good relations, but a compulsory question of how” — to which President Biden responded that the two countries had no interest in letting competition veer into conflict.

The dust from the Afghan war has yet to settle but the fallout is clear. With the ending of the US global crusade on terrorism, the prelude to President Joe Biden’s “extreme competition” with China has begun. The question is: how long will it last?

Chinese President Xi Jinping recently took a phone call from his U.S. counterpart, Joseph Biden — their second since Biden took office. The two leaders had extensive, candid, in-depth dialogue on China-U.S. relations and issues of mutual interest. Although uncertainties remain in bilateral relations, this phone call sent four significant signals.