U.S. President Joe Biden and his Chinese counterpart Xi Jinping are holding a high-profile summit in San Francisco, Paralel.Az reports citing Financial Times.

“We have to ensure that competition does not lead to conflict,” Biden told Xi as the meeting began, adding that the countries could work together on issues ranging from artificial intelligence to the climate.

Xi told Biden that the world had emerged from the global pandemic but was still under its “tremendous impacts”. The global economy was recovering, but its momentum remained “sluggish”, he said, adding that industrial supply chains were under the threat of interruption and protectionism was rising.

“All these are grave problems,” the Chinese president said, but the two countries should be “fully capable of rising above differences”.

“Planet Earth is big enough for the two countries to succeed,” Xi said.