U.S. President Joe Biden and China President Xi Jinping met for a three-hour virtual summit on November 15. Yahoo Finance's Jessica Smith details what we know about the meeting between the world leaders.
JULIE HYMAN: Well, President Joe Biden and Chinese President Xi Jinping held a virtual summit last night as tensions have been rising between the two nations. Our Jessica Smith is here with details. Did they ratchet things down a little bit? It sounds like they maybe made some progress on that front.
JESSICA SMITH: Yeah, the two presidents met for more than three hours yesterday. And while there were no breakthroughs, that's kind of what the White House expected. The goal was to perhaps dial down tensions and set the terms of the relationship.
The administration says that the conversation was respectful and straightforward. The president told Chinese President Xi that they needed to establish guardrails and be honest about where the two countries disagree and where their interests align, like global health and climate change. Here's President Biden.
JOE BIDEN: As I've said before, it seems to me our responsibility as leaders of China and the United States is to ensure that the competition between our countries does not veer into conflict, whether intended or unintended, just simple, straightforward competition.
JESSICA SMITH: Now, the White House said President Biden did raise concerns about human rights, Taiwan, and unfair trade. He urged President Xi to follow through on the terms of the phase one trade deal. And then President Xi called Biden an old friend. He said the two countries need to improve communication. Chinese state media later said that President Xi told Biden that economic and trade relations between the two countries should not be politicized. He also said that the US should stop abusing or overstretching national security to suppress Chinese business, apparently in a reference to restrictions that the US has put on tech companies like Huawei.
Now, this meeting did come just a few hours after President Biden signed the bipartisan infrastructure bill into law, of course. President Biden has been pushing for that law, saying that it is necessary to outcompete China.
Now, the two sides did agree to continue discussions, so we'll keep you updated as we learn more about what came of that meeting and what comes next. Guys.
JULIE HYMAN: Jess, thanks so much. Appreciate it. Important as we watch the development of this relationship between the two nations and those two leaders.