The United States must work with China and other nations within a new international regulatory framework because the current one is grossly inadequate in solving global economic problems. The US regulatory infrastructure is outmoded, but that is nothing like the global regulatory infrastructure. China and the US [cannot operate the way they have] been. They need a new way to operate because the current way has some fundamental global problems.
If the world’s biggest developed economy, the US, and the world’s biggest developing economy, China, can see eye-to-eye on things, it will be easy to solve global economic problems. If not, as is the current situation right now, it is difficult.
American will save more in the medium term, which will cause US net import to fall.