Kevin Rudd of Asia Society: US-China Summitry Signals a Potential New G-2

In an October 7, 2026 opinion column for The Hindu, Dr. Kevin Rudd AC, Global President and CEO of Asia Society, argues that the rapid acceleration of U.S.-China summitry marks a profound shift in global diplomacy, bringing two superpowers into frequent, direct contact after years of severe estrangement.

Four Summits in Six Months Signal New Diplomatic Pace

The world has watched closely as the United States and China engaged in a flurry of presidential meetings over a compressed six-month window. The Hindu piece notes that prior to this recent diplomatic thaw, nearly a decade had passed since Donald Trump’s visit to Beijing in late 2017 and just over ten years since Xi Jinping stood on the White House lawns with Barack Obama in 2015. By contrast, the two leaders have now convened across four distinct summits spanning Beijing, Washington, Shenzhen, and Miami.

This rapid diplomatic cadence has fueled speculation among observers that the world is witnessing the birth of a new G-2.

China Diversifies Assets Away from US Dollar

While economic discussions during last month’s Washington summit officially focused on tariffs, agricultural quotas, and critical minerals, significant financial undercurrents remained present. An underlying topic of discussion involved China’s gradual diversification away from U.S. dollar assets. Beijing has steadily trimmed its holdings of U.S. Treasuries while expanding the global footprint of the yuan and cultivating alternative financial architectures.

Charles Chang, a finance professor at Fudan University, noted that sovereign debt management involves highly sensitive capital allocation decisions that defy formal trade agreements. Unlike tariff frameworks, sovereign debt adjustments are rarely codified in public communiques.

The summit also featured striking political pageantry. President Trump welcomed President Xi at Joint Base Andrews with a lavish three-day itinerary, including an opulent state dinner, a formal tea ceremony, and a visit to the National Archives for America’s 250th anniversary. Yet, critics argued that the meetings yielded few concrete policy commitments beyond a vague joint dialogue regarding artificial intelligence.

Symbolism and Party Control in Delegations

President Xi traveled alongside high-ranking Chinese Communist Party (CPC) apparatchiks rather than strictly government officials. Both Xi and the accompanying party officials donned Mao suits at the black-tie state dinner.

This sartorial and delegations-based choice reflected the supremacy of the party over the government in China’s political structure. For domestic and international observers, the imagery showed that future bilateral engagements must account for internal party dynamics rather than just traditional diplomatic channels.

Upcoming Meetings in Shenzhen and Miami

The diplomatic calendar for the remainder of the year includes two additional high-level meetings between the two presidents. The leaders are scheduled to convene in Shenzhen next month during the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting, followed by a gathering at the G20 summit in Miami this coming December.