Chinese Pres. Xi Jinping calls for setting the “right course” for China-U.S. relationship in his much awaited in-person meeting with the US Pres. Joe Biden, says Taiwan “first red line”

Chinese President Xi Jinping met the U.S. President Joe Biden in person today in Bali, Indonesia amid heightened tensions and underscored the need to explore the “right way, set the right course for China-U.S. relationship in new era” and put it on an upward trajectory.

In his opening remarks, Biden said he and Xi had a responsibility to show their nations could “manage our differences”, prevent competition from becoming conflict and identify areas of mutual cooperation. This was the first in-person meeting between both the leaders since Xi - in his third term - emerged as the most powerful Chinese leader since Mao Zedong and Biden took over as US President almost two years ago and was held on the sidelines of the G-20 summit is due to kick off. 
Tensions between the U.S. and China have escalated, and relations nosedived over the last several years, over range of issue from Taiwan and Russia-Ukraine war to the restrictions on American companies to sell high-end tech to Chinese businesses.
“We need to chart the right course for the China-U.S. relationship and put the relations on an upward trajectory,” Xi said in his opening remarks at the beginning of the meeting, according to a release shared by Chinese foreign Ministry. The Chinese leader said that he was ready to have a “candid and in-depth exchange of views”. 
Since Biden took over as US President, both the leaders have been in communication through virtual mediums, but China cut most communication channels with US after the House Speaker Pelosi’s visit to Taiwan. Biden said that he is “committed to keeping the lines of communications open” between himself and Xi, adding that the U.S. and China “have so much that we have an opportunity to deal with.” 
On the Taiwan issue, President Xi stressed that the Taiwan question 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. Resolving the Taiwan question is a matter for the Chinese and China’s internal affair. Anyone that seeks to split Taiwan from China will be violating the fundamental interests of the Chinese nation and the Chinese people will absolutely not let that happen, President Xi told Biden according to the Chinese readout.
“We hope to see, and are all along committed to, peace and stability across the Taiwan Strait, but cross-Strait peace and stability and “Taiwan independence” are as irreconcilable as water and fire, Xi told Biden. Taiwan is a self-governing democracy but Beijing regards it as a breakaway province which will be reunited one day with the Chinese mainland, by force if necessary.
According to media reports, Biden said at his press conference after the meeting that US "one China policy" had not changed and both countries are committed to keeping peace with Taiwan. In response to a question, Biden said he "absolutely" believed there would not be a new Cold War with China and that he did not think there was any "imminent attempt on the part of China to invade Taiwan". The U.S. has long had a policy of “strategic ambiguity” with respect to Taiwan, but Biden has said repeatedly that the U.S. would come to Taiwan's defense if the territory were to come under attack.
Xi also said that a statesman should think about and know how to get along with other countries and the wider world, adding that the world is watching and expects the U.S. and China to “properly handle the relationship.” Xi emphasized the need to learn from history, using it “as a mirror” to “guide the future,” according to the release. He said the bilateral relationship is not in a situation that’s in the interest of the two countries’ peoples and isn’t what the international community expects.
Both the leaders expressed their readiness to work with each other. 
“I also look forward to working with you to bring China-U.S. relations back to the track of healthy and stable growth to the benefit of our two countries and the world as a whole,” Xi told Biden. President Biden said he is ready to work with China to address global challenges from the climate to food insecurity. “The United States stands ready to do just that –work with you – if that’s what you desire,” Biden said.
President Xi said, 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. The two sides should respect each other, coexist in peace. Neither side should try to remold the other in one’s own image or seek to change or even subvert the other’s system, the Chinese readout said. 
According to statements released from both sides, the two presidents also exchanged views on the Russia-Ukraine war, issue of nuclear war, North Korea’s provocative actions and other issues.
The Chinese leader is said to be "highly concerned" about the situation in Ukraine following months of fighting. We support and look forward to a resumption of peace talks between Russia and Ukraine, the Chinese readout said.
On the issue of trade, the Chinese readout said, the U.S. side has no intention to seek “de-coupling” from China, to halt China’s economic development, or to contain China.