About the P5 process, RevCon 2022, AUKUS and US-China Competition From The Chinese Side

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In The Media

Carnegie China

About the P5 process, RevCon 2022, AUKUS and US-China Competition From The Chinese Side

There are certainly other issues among other P5 countries, but the U.S.-China competition is so by far the most consequential great power rivalry in the international system, and it has very far-reaching geopolitical implications at and beyond the Pacific region.

By Tong Zhao

Published on Dec 18, 2021

PIR Center

About the Author

Tong Zhao

Senior Fellow with the Nuclear Policy Program and Carnegie China

Tong Zhao is a senior fellow with the Nuclear Policy Program and Carnegie China, Carnegie’s East Asia-based research center on contemporary China. Formerly based in Beijing, he now conducts research in Washington on strategic security issues.

Recent Work

Q&A
What to Watch When Trump and Xi Meet in Washington
- +1
  Sheena Chestnut Greitens, Oriana Skylar Mastro, Yukon Huang, …
Paper
Untangling the Nuclear Knot: A Constructive Agenda for Managing China’s Nuclear Relations with the United States and Its Allies
- Tong Zhao

Security Nuclear Policy Foreign Policy North America United States East Asia China

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

More Work from Carnegie China

Paper
Untangling the Nuclear Knot: A Constructive Agenda for Managing China’s Nuclear Relations with the United States and Its Allies
The nuclear relationship between China and the United States is increasingly shaped by widening perception gaps rather than deliberate strategic design.
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Commentary
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China’s banking crisis in the 2000s was resolved by transferring the costs to households through financial repression—a decision that recapitalized the banks while exacerbating the structural imbalances that continue to shape the Chinese economy today.
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More Work from Carnegie China

The nuclear missile formation passes through Tian'anmen Square during a military parade on September 3, 2025 in Beijing, China.

Paper

Untangling the Nuclear Knot: A Constructive Agenda for Managing China’s Nuclear Relations with the United States and Its Allies

The nuclear relationship between China and the United States is increasingly shaped by widening perception gaps rather than deliberate strategic design.

Tong Zhao

Commentary

China Financial Markets

Who Paid for China’s Last Debt Cleanup, and Who Will Pay for the Next?

China’s banking crisis in the 2000s was resolved by transferring the costs to households through financial repression—a decision that recapitalized the banks while exacerbating the structural imbalances that continue to shape the Chinese economy today.

Michael Pettis

Robot arm with disposable test tube virus sampling in laboratory

Commentary

Caught in the Middle: Chinese Biotech Firms’ Divergent Responses to U.S. Sanctions

Chinese biotech companies have been on the receiving end of U.S. economic coercion. Yet their responses have differed significantly because firm and state interests are not uniformly aligned. For Washington, treating all Chinese tech firms the same, irrespective of their actual interests, risks pushing them farther into Beijing’s corner.

Xue Gong

An aerial drone photo taken on June 4, 2026 shows a wind-photovoltaic power storage station of Huadian Inner Mongolia New Energy Co., Ltd. as part of the Horinger data center cluster green energy supply demonstration project, in Hohhot, north China's Inner Mongolia Autonomous Region.

Commentary

Are Data Centers the Solution to China’s Renewables Excess Capacity?

China’s latest energy plan explicitly calls for integrating data centers into the electricity system, particularly connecting them to green energy. It appears Beijing wants to use compute as a source of domestic demand to absorb renewables excess capacity.

Damien Ma

Commentary

Emissary

Trump and Xi Are Angling for Three Years of Stability

But their "principal to principal" model will only be as effective as the political strength of each leader back home.

Damien Ma