My predictions for Biden administration:
The GOOD:
a) Biden hires a bunch of ex-Obama foreign policy officials to fill the cabinet. (e.g. "return to stability")
b) Within 6-12 mons, China tariffs will be repealed.
c) Meng Wanzhou is released from Canada custody, after Biden ends Iranian sanctions and re-enters nuclear deal.
d) Biden removes Huawei from Entity list, enabling US to supply Huawei with US equipment/software. (I think Huawei will be banned from 5G contracts, due to lobbying from Nokia and Samsung)
e) Biden eliminates restrictions on SMIC accessing ASML EUV lithography equipment.
f) Houston and Chengdu embassies will be restored.
e) US and China cooperate on climate change together.
f) Navarro and Jabba the Pomp will be booted out.
The BAD:
a) Biden will restart Obama's Pivot to Asia strategy
b) Biden tries to strength alliances in Europe and East Asia.
c) Biden will try TPP-style "gathering allies" to contain China economically.
d) Biden will still promote anti-China rhetoric, even if it's just token gesture to appease the Rust Belt.
e) US containment of China will just be more "clever" and "smarter" under Biden, China is still a target.
China should restore friendly relationships, but operate like the tech war never ended, and go full-on indigenization in semiconductors and high-end tech. Even if Biden ends the tech war and trade war, the Chinese leadership should operate like China's tech industry is still under attack. Never let the guard down, China really needs to dominate this industry.