Currently the U.S.-China bilateral relations are characterized by very different trajectories of power. As President Barack Obama is on his way out, President Xi Jinping is just getting started. In turn, the U.S. presidential election cycle, particularly its aggressive rhetoric, may cast shadows over bilateral progress.

Before the summit, there was much speculation in the United States about China's ability and willingness to execute reforms amid challenges in the mainland and a volatile international environment. At the eve of his first state U.S. visit, President Xi addressed these concerns in a Wall Street Journal interview. "Like an arrow shot that cannot be brought back," he said, "we will forge ahead against all odds to meet our goals of reform."

Xi's aim was to deter any concern that China is faltering in its transition toward more sustainable growth. That interview differed from those of an elder generation of Chinese leaders. It was plain-speaking, diplomatic but clear, and confident. And it precipitated the successes of the summit.

Significant economic progress

As President Xi concluded his state visit, the summit had resulted in almost 50 tangible outcomes that reflect significant progress and possibly substantial breakthroughs.

Trade, investment and tourism. Last year, U.S.-China trade amounted to $592 billion. China is America's second-largest trading partner, third-largest export market, and biggest source of imports. Despite periodic friction, these ties are expanding. Even as U.S. presidential campaigns continue to blame China for "taking our jobs," Beijing and Washington are completing the highly-anticipated U.S.-China bilateral investment treaty (BIT). A similar momentum prevails in people-to-people exchanges as the two nations made 2016 the U.S.-China tourism year.

Internationalization of the Renminbi. Intriguingly, although Washington has stayed out from the new China-proposed development banks (Asian Infrastructure Investment Bank, BRICS New Development Bank), the two may have agreed to facilitate Renminbi trading and clearing in the United States. Wall Street cannot be a bystander as London is busy building a Shanghai-London Stock Connect, reminiscent of the Shanghai-Hong Kong Connect.

Climate change. Last fall, the United States unveiled its target to cut greenhouse gas emissions 26-28 percent below 2005 levels by 2025, while China disclosed its target to peak emissions around 2030 and increase the non-fossil fuel share of energy to about 20 percent by 2030. However, last week, cooperation moved to a new plane as China announced the 2017 launch of a nationwide carbon-emissions trading system that will cover heavy pollution sectors, such as iron, steel, power generation, paper, aluminum and chemicals, which account for three-quarters of China's energy-related carbon emissions. Through the China South-South Climate Cooperation Fund, Beijing also pledged $3.1 billion to help countries address climate change.

In the process, China expanded the pool of major donors beyond just industrialized countries. The bilateral joint statement signals that both nations are now fully committed to a successful global agreement in Paris.