It's a new year, but what will that mean for old rivalries?

Hello, I'm Leanna Byrne and you're listening to the Marketplace Morning Report from the BBC World Service.

Thanks for tuning in.

Happy New Year, it's 2024.

One of the things that we're going to be looking at today is the relationship between the world's largest economies,

the United States and China, which dominated the news agenda in 2023.

We wanted to take a look at those ups and downs and see where the relationship may go this year.

It's a rivalry that is shaping the present and the future of many of our lives.

The BBC's Elizabeth Hotton has been looking at some of the events of the past year.

With two superpowers vying to stamp their authority over geopolitics and the global economy,

any misstep however small can blow up into a major diplomatic row, and after the tariffs

and sanctions of the Trump administration, it was hoped President Biden

would forge a smoother path. But restrictions on sales of advanced semiconductors at the end of

2022 set the tone for a rocky year.

Then in February, the US military shut down what it said was a Chinese spy balloon.

Secretary of State Anthony Blinken cancelled a visit to Beijing as a result of the fallout.

Surely things could only look up from here.

Well, there was cautious optimism in July as Treasury Secretary Janet Yellen

visited Beijing for face-to-face talks with Chinese

financial officials. President Biden and I do not see the relationship between

the US and China through the frame of great power conflict.

We believe that the world is big enough for both of our countries to thrive.

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