President Biden met this morning with Chinese leader Xi Jingping ahead of the G20 summit--their first in-person encounter since Biden took office and one that will offer a clarifying opportunity for the world’s most important bilateral relationship.
Biden was triumphant on Sunday after Democrats cemented control of the Senate and said the result meant he was going into his meeting with Xi in Bali on Monday “stronger.”
Both sides said the meeting is unlikely to yield major policy breakthroughs. But Biden’s advisers said they hope it will help improve communication and set expectations on significant issues between the two powers, including their differences over Taiwan, China’s relations with Russia and recent missile tests by North Korea.
“We need to find the right direction for the bilateral relationship going forward and elevate the relationship,” Xi said, while Biden stressed that the two countries can compete without it turning into a conflict.
More Changes in China
The meeting comes on the heels of The People’s Bank of China and its partners announcement of a plan to reduce the country’s embattled property markets.
They outlined 16 steps they would take to strengthen the sector, starting with extensions on debt repayments. At one point, shares in Country Garden, a developer, leapt by more than 50%; many firms enjoyed gains of 30% and more.
The move pushed Chinese stocks into a bull market, even as the Hang Seng China gauge holds on to a loss of more than 25% this year.
More on China:
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