President Joe Biden, for the first time since he took office, held a three-hour talk with Chinese President Xi Jinping on Monday.

This meeting took place in Bali, a day before the Group of 20, or G-20, was scheduled. The two discussed various issues — from addressing climate change to the war in Ukraine.

This meeting propelled forward the idea that it is crucial that the U.S. and China work together to address global issues, according to The White House press release. Last week, this was also a key theme during the U.N.’s Climate Conference.

Biden said that the two had “an open and candid conversation about our intentions and our priorities,” during a press conference after the meeting.

The last time the two leaders met was five years ago during the World Economic Forum in Davos.

“The world expects that China and the United States will properly handle the relationship. And for our meeting, it has attracted the world’s attention,” Xi said.

What did Biden and Xi talk about?

Taiwan: Biden stated that the One China policy, which doesn’t recognize the country’s sovereignty over Taiwan, hasn’t changed.

He objected to China’s “coercive and increasingly aggressive actions Taiwan” that “jeopardize global prosperity,” a White House release said.

Xi, on the other hand, stressed that Taiwan “is at the very core of China’s core interests, the bedrock of the political foundation of China-U.S. relations, and the first red line that must not be crossed in China-U.S. relations,” according to the official Chinese press release.

The Chinese president also added: “We hope and have always strived for maintaining peace and stability in the Taiwan Strait, but ‘Taiwan independence’ is as incompatible to peace and stability in the Taiwan Strait as fire and water.”

Cold war? During a press conference, Biden was asked whether China intends to invade Taiwan. The president said, “I absolutely believe there’s need not be a new Cold War,” adding that he does not think there is an imminent threat.

Russia-Ukraine war: According to the White House readout, Biden raised concern over Russia’s war against Ukraine and the threat of nuclear war.

“We discussed Russia’s aggression against Ukraine, reaffirmed our shared belief in the threat where the use of nuclear weapons is totally unacceptable,” Biden said in a conference.

China’s account of the talks did not mention this agreement between the two leaders. While Xi stated that the situation in Ukraine was concerning, he also noted that “confrontation between major countries must be avoided” and the focus should be on peace talks.

Climate change: The U.S. and China are the world’s biggest carbon polluters, therefore it’s crucial that these two countries work together, as I noted last week.

On Friday, Biden appeared at the 27th Conference of the Parties or COP27, in Sharm el-Sheikh, Egypt where he reaffirmed America’s commitment to cut emissions in accordance with the Paris Agreement and announced initiatives that will aid global efforts.

The topic came up during his talks with Xi as well, who said that he is willing to work together to make the rest of COP27 a success, per the release. Xi also agreed to make use of the China-U.S. alliance on the matter to promote resolutions.

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Competition: After the talks, Biden shared said that the U.S. is going to compete vigorously. “But I’m not looking for conflict, I’m looking to manage this competition responsibly,” he added.

China had a similar attitude. Xi stated that it doesn’t have to be a zero-sum game where one wins at the expense of the other.

“The world is big enough for the two countries to develop themselves and prosper together,” Xi said. If the two sides understand each other well, then it can create a “win-win” situation.

“China does not seek to change the existing international order or interfere in the internal affairs of the United States, and has no intention to challenge or displace the United States,” Xi added.

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