Chinese President Xi Jinping has expressed China’s willingness to collaborate with the U.S. government, regardless of the administration in power. This statement comes amid the ongoing U.S.-China tensions and the impending return of Donald Trump to the White House.

What Happened: In a meeting with President Joe Biden at the Asia-Pacific Economic Cooperation forum in Lima, Xi Jinping conveyed China’s readiness to work with the U.S. to maintain dialogue, expand cooperation, and manage differences for the benefit of both nations.

“China is ready to work with the US government to maintain dialogue, expand co-operation and manage differences . . . for the benefit of the two peoples,” Xi told Biden.

Biden, in turn, acknowledged the importance of the U.S.-China relationship and emphasized the need to prevent competition from escalating into conflict. The meeting took place just two months before Trump’s return to the presidency.

“Our two countries cannot let any of this competition veer into conflict,” Biden said.

“Over the past four years I think we’ve proven it’s possible to have this relationship.”

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Despite the recent tensions, Xi’s message was clear: China is willing to work with the U.S. government, regardless of the administration in power.

Why It Matters: The U.S.-China relationship has been a focal point of global geopolitics, with potential implications for trade, technology, and security. The recent rumored appointments of China hawks to top roles in the Trump administration have already had a significant impact on Chinese markets, with the yuan hitting a three-month low.

Despite these tensions, China has been actively seeking to engage U.S. allies to mitigate the potential impact of Trump’s proposed tariffs. Trump has expressed his intention to implement a “pro-American trade policy that uses tariffs to encourage production here and bring trillions and trillions of dollars back home.”

Trump’s victory in the U.S. presidential election has also led to a decline in U.S.-listed Chinese stocks, with analysts warning of a potential escalation in U.S.-China tensions and its impact on trade policies. Major U.S.-listed Chinese stocks Alibaba Group Holding BABA, JD.com, Inc. (NASDAQ: JD), Baidu, Inc. BIDU, NIO Inc. NIO, Li Auto Inc. LI, and XPeng Inc. XPEV were trading lower in the U.S. after Trump’s victory.

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