Biden meets with China's President Xi: Live updates - CNN

Live updates: Biden and Xi hold meeting in San Francisco Bay area

Chinese President Xi Jinping underscored the importance of cooperation ahead of his meeting with US President Joe Biden on Wednesday ahead of the Asia-Pacific Economic Cooperation (APEC) forum in San Francisco.

Xi addressed the "grave problems" that have existed in the world economy since the two leaders last met a year ago in Bali.

"The world has emerged from the Covid pandemic but is still under its tremendous impacts. The global economy is recovering, but its momentum remains sluggish," Xi said.

Xi called the US-China relationship "the most important bilateral relationship in the world."

The Chinese leader said that the relationship "should develop in a way that benefits our two people and fulfills our responsibility for human progress."

Xi noted that historically the US-China relationship has "never been smooth sailing."

"Yet it has kept moving forward amid twists and turns," Xi said.

"For two large countries like China and the United States, turning their back on each other is not an option. It is unrealistic for one side to remodel the other, and conflict and confrontation has unbearable consequences for both sides," Xi said.

Xi remarked that the leaders have a responsibility to work together for the betterment of their countries and the rest of the world.

"We shoulder heavy responsibilities for the two peoples, for the world, and for history," Xi said.