US President Joe Biden greets Chinese language President Xi Jinping earlier than a gathering throughout the Asia-Pacific Financial Cooperation (APEC) Leaders’ week in Woodside, California on November 15, 2023.
Brendan Smialowski | Afp | Getty Pictures
The 2 leaders met last week on the sidelines of the Asia Pacific Financial Cooperation leaders’ assembly in San Francisco after the worldwide rivalry between the world powers got here to a head earlier this yr.
Their first assembly in a yr capped months of diplomatic work aimed toward normalizing their shaky bilateral relationship derailed by a suspected spy balloon over continental U.S. early 2023 and ex-Home Speaker Nancy Pelosi’s Taiwan visit in August 2022.
“You will see in coming months, the U.S. and China are attempting to place a ceiling on their tensions for very pragmatic and home causes,” Steve Wilford, associate and Asia Pacific head of worldwide threat evaluation at Management Dangers, informed CNBC Monday.
Xi and the Chinese language Communist Celebration are grappling with slowing development on the earth’s second-largest economic system that has been roiled by a crisis in its real estate sector.
“Xi Jinping desires to repair his economic system, he would not want the issue exacerbated by a continued spiral of commerce and expertise tensions with the U.S.,” Wilford mentioned. “And equally, the Biden administration has an election to cope with and so they do not must be distracted by Beijing.”
Biden, 80, is dealing with underwhelming approval ratings, and is trailing Donald Trump in polls in a possible rematch on the U.S. presidential elections in November 2024. Many have cited Biden’s age and his dealing with of the economic system as two of his best weaknesses.
Xi informed a gathering of American enterprise executives final week that the U.S. and China need to choose between being adversaries or partners — feedback that contrasted with Biden’s strategy of pursuing strategic competitors with Beijing by proscribing exports of superior U.S. tech to China, whereas on the lookout for areas of cooperation.
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