China is going through hard times: why is the meeting between Biden and Xi Jinping important?

Biden and Xi will meet on November 15 / Getty Images

On November 15, the leaders of the United States and China will meet, on whose relations the geopolitical situation of the world will depend for several decades to come. One of the most important achievements of the negotiations may be the resumption of military ties between the countries.

The chief consultant of the Ukrainian Institute for Strategic Studies, Alina Gritsenko, told Channel 24 that the lack of such communication can lead to dire consequences. In particular, on the issue of Taiwan, which is still supported by the United States.

However, they do not have any high hopes for this meeting, because it is still multilateral. APEC is an association of 21 economies, so there will be a lot of meetings between all the leaders.

I would not expect any substantive discussion between Joe Biden and Xi Jinping about either the Russian-Ukrainian war or the issue of the DPRK and its cooperation with Russia. There will be rather diplomatic, philosophical statements without any specifics,” Gritsenko noted.

What is China's main goal?

For Xi Jinping, there are more important issues than potential military intervention in Taiwan. We are talking about difficulties within the country.

Now China is going through not the best times in the development of its economy. They have a high unemployment rate – they don’t even publish statistics,” Gritsenko explained.

According to her, Beijing is ready to correct its mistakes, including opening the market to foreign investors. Most likely, this particular issue will be discussed at the China-EU summit, which will take place in early December.

What to expect from the meeting between Biden and Xi: watch the 24 Channel video

What is the state of the Chinese economy: latest news

• At the end of October, capital outflows from China reached a record level. $53.9 billion was withdrawn outside the country, which hit the yuan hard.
• In addition, Vanguard does not see potential in the second economy in the world. The US asset management company said it was suspending its operations in the country.
• Given the current situation, China is not averse to dealing with Russia. Since March 2022, Beijing has sold more than $12 million worth of drones and components to the aggressor country.