BEIJING — U.S. President Joe Biden's meeting with Chinese President Xi Jinping last week has set a bottom line in the relationship which reduces uncertainty for businesses, analysts said.
Biden and Xi met for the first time in about a year in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation conference.
«I think there's a lot of consensus coming out of this summit,» Wang Dong, executive director of the Institute for Global Cooperation and Understanding at Peking University, told reporters Tuesday.
«What you get from this summit is a very clear signal the two countries, they are committed to what we can call decouple in a way, on the basis of reciprocity and mutual respect,» he said. «I think this is very important for both countries and indeed for the global economy as well.»
In essence, the U.S. and China are working out what it means to cooperate where they can.
«I think for U.S. businesses the hope is that this kind of new tone can translate into a new normal for the economic relationship, where there's a mutually beneficial relationship where China plays by the rules and the United States and China can get back to a more normal economic footing, have some of these tariffs and retaliations drop away,» said Jake Colvin, president of the Washington, D.C.-based National Foreign Trade Council.
He said he participated in the Asia-Pacific Economic Cooperation CEO Summit in San Francisco last week.
In conversations with Xi, Biden did not budge on export controls, enacted out of national security concerns. But a White House readout said «the leaders affirmed the need to address the risks of advanced AI systems and improve AI safety through U.S.-China government talks.»
The two sides also agreed toRead more on cnbc.com