The Biden administration’s season of engagement with China has at last led to tangible progress. A series of China visits by high-ranking administration officials led to the announcement of a new structure for U.S.-China economic dialogue, under which newly created U.S.-China working groups will meet to discuss policy and exchange information. This is an important development — it represents a concrete step forward in the administration’s China strategy of “invest, align, compete” and a strong counter to the factions in both the U.S. and China that seek outright confrontation. But working groups and information exchange only go so far. What…