Xi Jinping insists he will work with Donald Trump's new administration, despite concerns that already-strained relations between their two nations could deteriorate further if the incoming US president follows through on his threat to launch a trade war against China.
Mr Xi met with outgoing US President Joe Biden for two hours after the completion of a two-day meeting of Pacific rim economies in South America.
Tensions were already high between China and the US after Mr Biden sought to restrict American investment in Chinese artificial intelligence, quantum computing and semi-conductors — all crucial elements for the modern economy.
The prospect of Trump further escalating those tensions has countries around the globe bracing for what that could mean for their economies and efforts to curb inflation.
But publicly, Mr Xi was playing down those prospects.
"China's goal of a stable, healthy and sustainable China-US relationship remains unchanged," Mr Xi said, while noting there had been "ups and downs" in recent years.
"China is ready to work with the new US administration to maintain communication, expand cooperation and manage differences."
Mr Biden told Mr Xi that their discussions had always been "frank" and "candid" despite them not always agreeing.
Their meeting came as leaders from the 21 Pacific rim economies, Russia, Australia and Japan, were flying out of met in Lima, Peru, at the end of the annual APEC summit.
That meeting ended with the APEC failing to reach a consensus on the wars raging in Ukraine and the Middle East.
While united in their veiled calls to counter any effort Donald Trump might make to start a global trade war, China and Russia were suspected to have stood in the way of APEC discussing the impact the wars were having on their economies.
Australia and like-minded countries wanted to discuss the wars in the hope it could help resolve the impacts they were having, including fuelling inflation around the globe. They argued APEC was a forum where they could have worked together to resolve issues.
But without consensus, the push for an agreement broke down.
"Some economies considered that these issues have an impact on the global economy and could be treated in APEC, while other economies do not believe that APEC is the forum to discuss these issues," a statement from APEC chair and Peru President Dina Boluarte reads.
The two-day meeting in Lima has served as a precursor to a G20 meeting of the world's largest economies in Rio de Janeiro, Brazil, in the coming days.
Trade and climate change have dominated discussions, with Chinese President Xi Jinping and outgoing US President Joe Biden meeting in the final hours of the APEC forum amid growing tensions between the two superpowers.
The APEC leaders were able to reach an agreement on their united calls for trade to be free, fair and predictable, a pledge that is being seen as a veiled rebuke of Trump's threat to impose a 60 per cent tariff on Chinese imports. He is also threatening tariffs of up to 20 per cent on other nations.
The final communique from the meeting was similar to those from earlier APEC meetings. It urges leaders to work closely to boost trade throughout the region in the pursuit of growing their economies and boosting living standards.
Like he has in Peru, Trump looks set to loom heavily over the leaders meeting in Brazil.
Australian Prime Minister Anthony Albanese has used the forum as a chance to pitch Australia as a safe and reliable trading partner that is committed to global trade and action on climate change.
Mr Albanese, while insisting it was too early to pre-empt actions Trump might take, has also sought to position Australia as a possible beneficiary if the incoming US president follows through on threats to wind back Mr Biden's climate change commitments and green subsidies.
The G20 also looks set to be an arena for world leaders eager to fill any void left behind if Trump isolates the United States with his America-first agenda.
Mr Xi snubbed APEC leaders on the first day, instead using the time to hold one-on-one meetings with other South American leaders. He is reportedly seeking up to 30 bilateral agreements while he spends a week in Latin America.
He used his first day in Peru to open a new Chinese-controlled mega port north of Lima that will see South American agricultural crops and commodities set sail for the Chinese market.
India's Narendra Modi too looks eager to play a big role when leaders meet in Brazil, capitalising on domestic issues threatening France's Emmanuel Macron and Germany's Olaf Schulz's ability to play bigger roles globally.
Mr Albanese will likely meet with Mr Xi on the sidelines of the G20 meeting.
He will not hold formal talks with Mr Biden, but the two held informal talks at APEC, with the prime minister describing the president as being "in good form".
Mr Albanese has insisted APEC is a group committed to free and fair trade and committed to tackling climate action. He has made those comments as Mr Biden remains among the APEC leaders.
His comments in South America have offered insights into how he will seek to navigate a second Trump presidency, remaining resolute in his commitments to trade and climate action, while also seeking to work with the United States where possible.
He insisted the United States would remain Australia's closest security ally.
