President Joe Biden was cautiously optimistic about the U.S. relationship with China after his first in-person meeting with the Chinese President.
Biden is in Indonesia.
Biden told reporters that he doesn't believe there needs to be a new Cold War.
Biden had a face-to-face meeting with China's president for over three hours.
However, Biden cautioned he is not suggesting this is Kumbaya and the countries are far from being in complete harmony, with the White House readout of the presidents' meeting detailing Biden's stated objection to China's "coercive and increasingly aggressive actions toward Taiwan"
At a particularly divisive time in global politics, the conference brings together many of the world's most powerful leaders. Fears of a Chinese invasion of Taiwan have been spurred by China's close relationship with Russia. The decades of tension between the U.S. and the Soviet Union after World War II can be compared to China and the U.S. The 10 largest New York-listed Chinese firms lost $68 billion in market cap in the first day of trading after it was announced that Xi would be extending his rule for a third term.
Biden and Putin were supposed to meet in person this week for the first time since the Ukraine war, but the Kremlin said last week that Putin wouldn't be going.
The world's wealthiest man, Musk, addressed the business portion of the summit earlier Monday, claiming that his recent, much-maligned takeover ofTwitter has put "too much work on my plate." There are at least three multi-billion dollar companies that Musk is the CEO of.
The workload of Musk has increased quite a lot.
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