It is just the beginning, but an important framework. Along the way, the real benefits will be reaped. For example, as sufficient understanding and rules are achieved with respect to general security, they will greatly facilitate what China calls Internet-Plus.
We can be hopeful on cyber issues, if the progress made between the two countries on climate change were to be an example. Thought to be highly unlikely, US and China nonetheless managed to achieve small steps forward but, importantly, moving together on climate change issues, since Obama’s last visit to China. Such cooperative approach to big-nations relations will translate cumulatively into joint leadership, historically unprecedented. This is the only palatable way forward. As Henry Kissinger puts it, the alternative approach is perilously unthinkable in today’s world.