The meeting will be the first face-to-face discussion between the two since Mr Biden took office, and will be held in the form of a teleconference. Tension has flared in recent months over the security and status of Taiwan.
China claims that the island is sovereign territory, whereas Taiwan claims it is an independent nation.
The US does not formally recognise the island as such, however, it does have laws stating it will protect the integrity of the territory.
As tension mounts in the Indo-Pacific region, attempts have been made by both Presidents to deescalate tension via phone calls.
China however remains adamant that it will reclaim its territory.
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It regards the island nation as a breakaway province, with President Xi vowing repeatedly to retake it — by force if necessary.
The People’s Liberation Army staged military exercises off the coast of the island last week as Chinese warplanes continued to test its missile defences.
On Saturday Wang Yi, China’s foreign minister, warned the US secretary of state Antony Blinken, that American “connivance” and support for Taiwanese independence would “undermine peace and boomerang in the end”.
According to the US state department, Mr Blinken “urged Beijing to engage in meaningful dialogue to resolve cross-Strait issues peacefully and in a manner consistent with the wishes and best interests of the people on Taiwan”.
Mr Biden provoked a sharp response from China last month when he said the US was committed to defending Taiwan if China were to invade it; an apparent break with Washington’s policy of “strategic ambiguity”.
The White House attempted to play down the president’s remarks, but Mr Wang said that China had “no room for compromise” on Taiwan and that Mr Biden should “speak cautiously” on the issue “so as not to seriously damage China-US relations”.
Speaking on the phone to Mr Blinken, the Chinese Foreign Minister said: “If the US truly wants to safeguard peace then it should clearly oppose any ‘Taiwan independence’ moves. Put the One China policy into action and stop sending wrong signals.”
The Chinese media outlet, The Global Times was more direct, writing in an editorial that the US had “gone too far” and was targeting China’s core interests, leaving it “with no way back”.
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The issue highlights concern in Washington at China’s rapid military build-up, with the People’s Liberation Army, expected to match or surpass the US military in key areas in the years ahead including cyberwarfare, artificial intelligence and the development of nuclear-capable hypersonic missiles.
Add to this the notion that the Chinese economy is predicted to surpass that of the United States by the year 2024, on top of the fact that third party nations are decoupling from the US dollar, and the US is rapidly finding itself falling in the global pecking order.
General Mark Milley, head of the Joint Chiefs of Staff, admitted this month: “We are witnessing one of the largest shifts in geopolitical power that the world has witnessed.”
Topics that will likely be discussed aside from Taiwan will include ongoing security issues in the South China Sea and Indo-Pacific region, the build-up of weaponry by North Korea, and the pledges and language used in the COP26 summit.
Although an agreement was made in theory, China and India changed the winding down of coal use to “slowing down” the use and has left many worried that nothing has been achieved at the conference.
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