Hello, “old friend”

That’s what Chinese President Xi called US President Joe Biden, as the leaders of the world’s largest economies met for a 3-hour virtual talk 💬 yesterday.

What did they talk about?

Both have not had a face-to-face meeting since Biden was elected president. (🐿️: You know the US-China tensions since Trump era) So this summit is quite something. Here’s what this summit yields:

We should work together more 🤝 Both leaders stressed they should increase communication and cooperation, with Biden stating that the competition between both countries should not turn into “conflict”.

  • …especially on global issues 🌏 Both also agreed to cooperate on energy and climate issues, pointing to their recent pledge at the COP26 climate talks as a sign that the US and China can work together (Read more about it with our story here)

A fast track to travel! The Chinese government agreed to adopt an upgraded fast track for US executives to enter China. This may be one of the only concrete achievements announced after the talks.

Apart from these, they also discussed North Korea, Afghanistan, Iran, global energy markets, trade and competition, etc. The two sides still disagree on many issues, but both describe the meeting as frank and direct as they tried to lower the temperature and avoid conflict.

So what’s the impact of this summit?

It’s a good signal 👍 This could be taken as a sign that the two powers could “at least avoid a further deterioration in their ties after four years of damage” during the Trump era, said a state media editor in commentary. 

The upbeat tone of the meeting also lifted investor sentiment, with global stocks hitting new peaks.  📈 Yuan also strengthened after the meeting.

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