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China’s leader, Xi Jinping, met with U.S. President Joe Biden at the annual Asia-Pacific Economic Cooperation summit in Lima, Peru. Xi expressed China’s readiness to work with the new U.S. administration and maintain communication, expand cooperation, and manage differences for the benefit of both nations.

Biden reflected on the ups and downs of the China-U.S. relationship over the past four years and highlighted the importance of their engagement in fruitful dialogues and cooperation. The meeting between the two leaders comes at a time of uncertainty as President-elect Donald Trump is set to take office, with concerns about his protectionist rhetoric and potential impact on the U.S.-China relationship.

The relationship between China and the U.S. has been a significant foreign policy challenge, with the Biden administration expected to advise the incoming Trump team on managing the intense competition with Beijing. American companies, such as Nike and Warby Parker, have already started diversifying their sourcing away from China, and there are concerns about the impact of potential tariffs on Chinese imports.

Biden has emphasized the importance of his relationship with Xi, which dates back to their interactions as vice presidents of their respective countries. Despite the challenges of the past four years, including cybersecurity threats and tensions over arms sales to Russia, both leaders have worked to maintain stability in the relationship.

As Biden wraps up his long career in politics, his relationship with Xi remains a key focus, with efforts to address ongoing issues and build on their past interactions. The meeting in Lima marked a significant moment in the ongoing dialogue between the two nations, with a shared goal of promoting cooperation and managing differences for the benefit of both peoples.