Chinese President Xi Jinping’s plane landed in San Francisco, a major city of the U.S. on Nov.14. This is Biden's second meeting with Xi during his tenure, and a follow-up meeting between the two bilateral members after the G20 Bali summit in November 2022. 

The city also welcomed a national defense monument as China and the U.S. re-started their negotiations. San Francisco once again became an important place to witness Sino-US relations. 

This meeting between the two countries is of global significance. Xi noted that China and the U.S. were two major players in the world. Together, their total economic volume exceeded one-third of the world, their total population taking up nearly one-quarter of the world, and their trade volume accounting for approximately one-fifth of the world. Therefore, their relationship mattered to the global community. 

Xi pointed out that Sino-US relations must be carefully considered and planned in this context, calling it “the most important bilateral relationship in the world.” Great power competition cannot solve the problems facing China, the U.S. and the world. 
Biden agreed that cooperation in areas that were in the interests of both sides would help deal with the problems faced by both countries. 

According to the tariff statement that was released on Ministry of Foreign Affairs, China pointed out the uncertainties faced by the world economy and the Asia-Pacific Economic Cooperation (APEC) played an important role in promoting world economic growth. 

Per the Ministry of Foreign Affairs of the People's Republic of China readout, strengthening the unity of China and the U.S. can have an indirect positive impact on world economic growth. 

The recently announced meeting ahead of APEC aligned with China's commitment to justify the relationship. In the view of Wang Dong, the executive director of the Institute for Global Cooperation and Understanding at Peking University, who spoke to reporters on Tuesday, there appeared to be a significant consensus emerging from the summit. “[what] we gather from this summit is a clear indication that the two countries are committed to a form of recoupling, grounded in reciprocity and mutual respect. I believe this is crucial for both nations and, indeed, for the global economy as well,” Wang said. 

With Wang’s response to the Xi-Biden meeting, it is expected that the business environment between China and the U.S. will have an immediate and short-term benign impact. Regulatory frameworks, policies and border investments in trade will be scrutinized considering the directives given to create an enabling environment for businesses. 

Beyond immediate development, this meeting symbolized their commitment to sustainable economic growth through an enduring partnership. 

The Treaty Parliament, in this context, refers to the collaborative efforts of both nations' legislative bodies. They were prepared to work together to establish a legislative framework for the dilemma discussed during the summit, in hopes of laying the foundation for a resilient and mutually beneficial economic union. 

Titus Chen, a political science professor at Taiwan’s National Sun Yat-sen University, believed the meeting served as a form of policy aimed at reassuring both domestic and international stakeholders, “[it] is mainly designed for signaling, in the hope that recipients will get the signal and implement the proper response, which is investment, or resumption of exchanges”, Chen said during an interview with the New York Times. 

The short-term adjustments and visionary long-term strategies discussed in the two countries' parliaments, coupled with the insights of the Chinese Ministry of Foreign Affairs by underlining Xi’s quote, “[even] though China and the United States have different history, culture and social systems, it is impossible not to deal with each other. The right approach is to uphold mutual respect, peaceful coexistence, and win-win cooperation. These three principles are important lessons drawn from the past half-century of China-US relations and profound lessons drawn from the conflicts and confrontations between major countries in history. They should be the direction for the joint efforts of China and the U.S.”, marking a period of change in Sino-US economic diplomacy.

As the dialogue unfolded, companies on both sides could foresee a future of dynamic collaboration and mutual prosperity. This optimism is echoed by President Biden, who characterized the talks as the “most constructive and productive” since he came to office. Freeman, an expert in international relations, highlighted that the meeting between the two leaders marks a significant step forward in the bilateral relationship, especially considering its previously fraught state. Additionally, both nations expressed their commitment to sustainable economic growth through an enduring partnership. This further emphasizes the Treaty Parliament's readiness to collaborate on establishing a legislative framework for the discussed dilemma and signals a comprehensive effort to lay the foundations for a resilient and mutually beneficial economic union.

Beyond the diplomatic nuances, businesses, investors, and citizens were poised for a new chapter in the economic narrative between these two global giants.