On November 23, 1972, the Soviet Union's giant N1 rocket made its fourth launch and failed, exploding about 107 seconds after liftoff; all four launches ended in failure, and the Soviet lunar program came to an end as a result.
Deng Xiaoping again wrote to Mao Zedong, engaging in sycophantic praise and reiterating his guarantee never to reverse verdicts.
US President Nixon visited China, met with Chinese leaders including Zhou Enlai, and issued the Sino-US Joint Communiqué, marking the breaking of ice in relations between the two countries.
In 1972, while mired in the Vietnam War, Nixon visited China in search of an achievement; his original intention in engaging with the CCP was to change China. However, in his interactions with the CCP, the Nixon administration gradually deviated from the goal of changing China, shifting instead to emphasizing "seeking common ground while reserving differences." To exchange for the CCP's assistance on the Vietnam issue, he promised concessions on the Taiwan issue, such as troop withdrawals and the establishment of diplomatic relations. This shift in strategy is considered a case of the CCP playing the US, rather than the US changing the CCP.
Institutional funds concentrated their buying in about 50 blue-chip growth stocks. In 1972, the average P/E ratio of this batch of "Nifty Fifty" stocks on the Morgan Trust list was 41.9 times, while the S&P 500 stood at 18.9 times, roughly 2.2 times the latter.
During President Nixon's visit to China, First Lady Pat Nixon remarked to Zhou Enlai that pandas were adorable. Zhou immediately promised to gift two pandas, initiating US-China panda diplomacy.
During his visit to China, Nixon toasted with Zhou Enlai at the Great Hall of the People in Beijing; the wine used was later served at White House state dinners.