However, Washington's strategic distrust toward Beijing still remains. The China-proposed "new type of major - country relationship", although recognized by a few senior figures in the White House, has failed to convince many other politicians in the country. Also, Obama's "pivot to Asia" bypasses China and strengthens cooperation with the country's close Asian allies such as Japan.

Reluctantly acknowledging the consensus yet interpreting it otherwise, the Obama administration might not fundamentally improve the Sino-US relations in the time it has left. Hence, instead of expecting Washington to keep its promises on cooperation, Beijing should seek new common ground on shared interests for its own initiatives in 2015 despite the possible strategic competition between the two countries.

On global governance, both countries could join hands to fight cross-border terrorism, climate change, drug trafficking, the Ebola epidemic, and even corruption. They should also make efforts to cooperate on handling pressing regional issues, including the nuclear issues of the Democratic People's Republic of Korea and Iran, and the ongoing crisis in Syria.

And should the aforementioned Bilateral Investment Treaty negotiations prove fruitful, both sides should push for the realization of a China-US Free Trade Agreement. Last but not the least, the two countries can even cooperate, rather than merely compete, over some costly but beneficial technological projects, such as genetic engineering.

The authors are deputy dean and a PhD student at the School of International Studies, Renmin University of China.