When the U.S. and Chinese leaders sat down for their high-stakes summit in Beijing this week, the atmosphere was a far cry from the frantic damage control that had defined previous encounters. Gone was the defensive crouch of a China reeling from trade volleys.

In its place was a meticulously choreographed performance, where Chinese leader Xi Jinping sought to frame bilateral ties not as a struggle for dominance, but as a period of ¡°moderate competition¡± with ¡°manageable differences.¡±

By the time U.S. President Donald Trump¡¯s three-day visit ended on Friday, it became clear that the world¡¯s most consequential relationship had moved into a calculated strategic stalemate, one where China now operates from a position of assumed parity.