Investors watch to see if summit defuses tensions between two biggest economies
A screen in a restaurant in Beijing shows Chinese President Xi Jinping and US President Joe Biden meeting via video link. Picture: Reuters/Tingshu Wang
The two leaders “conducted full and in-depth communication and exchange on strategic, comprehensive and fundamental issues”, China’s state-run CCTV said. Xi started his remarks by calling Biden an “old friend” while saying the US and China “need to increase communication and co-operation”. The two nations should work to find effective responses to global challenges including climate change and the pandemic, Xi said.
The White House had framed the discussion as Biden’s effort to set the terms of the relationship, with a particular focus on avoiding unintended conflict. Besides mentioning human rights and freedom of navigation in the South China Sea, the president also planned to raise China’s non-market economic practices, such as industrial subsidies, though trade issues will not dominate the conversation, US officials said.
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