KEY POINTSU.S. President Joe Biden said there “need not be a new Cold War” between the U.S. and China, following a three-hour summit meeting with Chinese President Xi Jinping in Indonesia.“I don’t think there’s any imminent attempt by China to invade Taiwan,” said Biden, despite escalating rhetoric and aggressive military moves by the People’s Republic of China in the Taiwan Straits.Beijing said the two leaders reached “important common understandings,” and they were prepared now “to take concrete actions to put China-U.S. relations back on the track of steady development.”WASHINGTON — U.S. President Joe Biden said there “need not be a new Cold War” between the U.S. and China, following a three-hour summit meeting with Chinese President Xi Jinping in Indonesia on Monday.Biden also said, “I don’t think there’s any imminent attempt by China to invade Taiwan,” despite escalating rhetoric and aggressive military moves by the People’s Republic of China in the Taiwan Straits.Biden and his counterpart held the much-anticipated meeting at the G-20 summit of economically developed nations in Bali.Biden said he and Xi spoke frankly, and they agreed to send diplomats and cabinet members from their administrations to meet with one another in person to resolve pressing issues.Although they have spoken five times by videoconference, the meeting was the first one Biden and Xi have held face-to-face since the U.S. president was elected in 2020. The personal dynamic between the two men was friendly, with Biden putting an arm around Xi at the outset and saying, “It’s just great to see you.”It remains to be seen, however, whether the summit will produce a genuine shift in relations between Washington and Beijing, its biggest strategic competitor and long-term military adversary.Read more about China from CNBC ProCNBC.com