President Joe Biden and Chinese President Xi Jinping opened their first in-person meeting Monday since the U.S. president took office nearly two years ago, amid increasing economic and security tensions between the two superpowers as they compete for global influence.

Xi and Biden greeted each other with a handshake at a luxury resort hotel in Indonesia, where they are attending the Group of 20 summit of large economies. As they began their conversation, Biden said he and Xi have a “responsibility” to show that their nations can “manage our differences” and identify areas of mutual cooperation. Xi added that he hoped the pair would “elevate the relationship” and that he was prepared to have a “candid and in-depth exchange of views” with Biden.

In his own opening remarks just now, US President Joe Biden spoke of the importance of avoiding "conflict" between the US and China.

He agreed with his opposite number Xi Jinping that there was "little substitute" for face-to-face talks.

Biden said he was "committed to keeping the line of communications between us open" so that the two countries could "work together on urgent global issues" including climate change and insecurity.

The world "expects" the two nations to work in partnership, Biden added.

This is some of what Xi said to Biden:

"Mr President it is good to see you. The last time we met was in Davos, more than five years ago. Since you assumed the presidency, we have maintained contact in online calls. But nothing can substitute face-to-face. And today we have this face-to-face meeting.

"We have gained experience but also learnt lessons. History is the best textbook so we should take history as a mirror.

"Currently the US-China relationship is in a situation and we care a lot about it… as leaders of the two major countries we need to chart the right course.

"We need to find the right direction for the bilateral relationship going forward and elevate the relationship."