Bangladesh, Oct. 4 -- When the leaders of the worlds two largest economies meet, the consequences rarely remain confined to the negotiating room. Beyond the handshakes, carefully choreographed photographs and diplomatic language, the world watches for signs of a changing balance of power. The recent summit between Chinese President Xi Jinping and US President Donald Trump was no exception.

The meeting took place against a striking backdrop. Chinas global trade machine continues to expand despite Washingtons tariff campaign, while Trump faces growing political and economic pressures at home. The summit produced few breakthroughs on the structural disputes that have defined US-China competition. Yet it delivered something potentially more ...