An article in the Wall Street Journal argues that although the relationship with China is a relative calm spot in U.S. foreign policy at the moment, Obama may still face thorny issues when dealing with Beijing:

Although ties with China have arguably never been more stable in the 30 years since the two countries resumed diplomatic ties, a host of economic and political issues are likely to surface in the coming months. In China, a deteriorating economic situation could increase pressure to further widen the record trade surplus with the U.S.; while in Washington, the trade deficit, as well as lingering concerns about food and product safety, could spur calls for action against China.

[…] Under former President George W. Bush, U.S.-China relations were relatively smooth compared with Washington’s troubles in the Middle East and Europe. Even so, Mr. Bush’s administration did create friction with Beijing by ratcheting up trade-enforcement actions. During the recent presidential battle, China wasn’t a major campaign issue — a sharp change, for example, from 1992, when candidate Bill Clinton accused President George H.W. Bush of “coddling” Beijing’s leaders.

Now, the main problem is economic. Over the past few months, China’s trade surplus with the U.S. has continued to grow, spurred in part by new measures in China to boost exports. In addition, the Chinese currency is no longer appreciating against the dollar — something Washington has wanted and which could reduce the surplus. Talk in Beijing, if anything, is for a devaluation of its currency.