The global politics and security in 2021 were mainly influenced by two factors - the ongoing COVID-19 pandemic and great power competition. Compared to Trump Administration，the newly inaugurated Biden Administration emphasized on building alliance instead of competing with China unilaterally. While the Biden administration aimed to manage the risk of potential US-China conflict，by cooperating with China in certain areas while vigorously competing in others，Biden’s “value-based alliance” actually increased the risk of US-China confrontation and created US-China rivalry in areas such as global governance and technological development. In an era of great power competition and pandemic，global governance deficit grew larger as existing international regimes struggled to solve emerging challenges；in addition，ideological disputes damaged multilateral cooperation. 2021 is also characterized by increasing conventional and unconventional security risks，mostly concentrated in the “Indo-Pacific” region. Quad countries continued to compete influence with China in Asia Pacific，increasing risk in South China Sea and Taiwan Strait；meanwhile，U.S. withdrawal from Afghanistan increased the risk of resurrecting terrorism. The ongoing pandemic continued to shape global economics. Further unconventional risks，including climate change，energy and resource security，and digital security became more prominent as well. On the other hand，Biden administration showed interest in communicating with China，which might offer an opportunity to stabilize Sino-U.S. relationship and jointly manage aforementioned challenges. Looking forward，the international order is evolving toward a multilateral one，and China should stabilize Sino-U.S. relationship and promote global governance via multilateral cooperation.