Minutes of Biden - Xi Jinping meeting on G20

The following is a brief account of President Joe Biden's meeting with President Xi Jinping of the People's Republic of China. The leaders met in Bali, Indonesia for the G20 summit to discuss foreign policy and economic priorities. The White House report focuses primarily on Biden's statements:

• Biden explained that the United States will continue to compete vigorously with China by, among other things, investing in growing the country's strength, aligning efforts with allies and partners around the world.
• According to Biden, this rivalry should not escalate into conflict, and he stressed that the United States and China must responsibly manage the rivalry, keep the lines of communication open.
• The leaders discussed the importance of adjusting rules to achieve these goals and tasked their teams to discuss them further. 
• According to Joe Biden, the two countries must work together to address transnational challenges including climate change, global macroeconomic stability, debt reduction, health and food security, among others. According to Biden, the international community is counting on both countries. 
• The two leaders will authorize key senior officials to maintain communication and deepen constructive action on all the issues mentioned and others.
• The leaders of the two countries welcomed ongoing efforts to resolve specific issues in US-China bilateral relations. They encouraged further progress through existing mechanisms, including through joint analyst groups. They also noted the ties between the US and Chinese citizens themselves.
• The U.S. President expressed concern about China's practices that contradict human rights in Xinjiang, Tibet and Hong Kong. On the issue of Taiwan, he detailed that US policy toward China has not changed. The United States opposes any unilateral changes to the status quo by either side and is interested in maintaining peace and stability in the Taiwan Strait. The U.S. president expressed his opposition to the PRC's increasingly aggressive actions in Taiwan and the region, with which China is jeopardizing the prosperity and tranquility of the entire world.  He said the PRC's actions in Taiwan violate peace and stability in the Taiwan Strait and the region as a whole, and threaten global prosperity.
• Biden also expressed continued concern about China's non-market economic practices that harm American workers and their families. He stressed that resolving the cases of U.S. citizens who are wrongfully detained or subject to travel bans in China is a priority.
• The two leaders exchanged views on key regional and global challenges. President Biden touched on Russia's brutal war against Ukraine and Russia's irresponsible threats to use nuclear weapons. Both Biden and Xi reiterated the agreement that nuclear war should never be waged and can never be won. They stressed opposition to the use and threats of nuclear weapons in Ukraine.
• The US president also expressed concern over North Korea's provocative behavior. He indicated that both the US, China and the whole world have a vested interest in encouraging the Korean regime to act responsibly. He stressed the ironclad commitment' of the United States to the defense of its Indo-Pacific allies.
• The two leaders agreed that Secretary of State Blinken will visit China to continue talks.

Source: whitehouse.gov

Xi Jinping comments: 

"The economies of China and the United States are deeply intertwined."

"Anyone who seeks to detach Taiwan from China will violate the basic interests of the Chinese people (...) The Taiwan issue is vital to China's basic interests."

"Starting a trade or technology war, erecting walls and barriers, and insisting on separating and breaking supply chains - all of these go against the principles of a market economy and undermine the principles of international trade (...) Competition should be about learning from each other to become one's better self and making progress together, not about removing others from a zero-sum game."

The presidents' meeting was also commented on by Xi Jinping's spokeswoman, Hua Chunying who indicated that the two presidents had a frank and in-depth meeting on strategic issues, and China will remain committed to peaceful and open development.

CHNComp is already trading nearly 30% above the lows of October, when the markets got scared by the third Xi Jinping's cadence, the vision of autocratic governments, the deterioration of relations between Washington and Beijing, the maintenance of the covid zero policy in China and the deteriorating investment climate surrounded by the collapse of the real estate market and slowing industry.