Even as trust between Beijing and the West grows ever more tenuous, no country, not even the United States, has entirely given up on China.

With US Treasury Secretary Janet Yellen’s trip to Beijing in recent days, the Biden administration continues its effort to invigorate dialogue and reassure Beijing of its strategic intentions – and serious preference – to avoid conflict. The administration says it does not want a new Cold War, does not seek regime change in Beijing, and does not want to decouple from China’s economy.