A virtual meeting between Chinese President Xi Jinping and U.S. President Joe Biden has started, according to Chinese state media.

The US President Job Biden has explained that the responsibilities as leaders of China and the US are to ensure ties do not veer into open conflict.

China's premier Xi Jinping has stated that both China and the US face multiple challenges together and that they must increase communication and cooperation. He stands ready to move forward with the US in a positive direction. 

What's at stake?

This is the first time the two leaders are meeting face to face via video since Mr Biden took office in January.

Biden will seek to manage competition between the US and China to ensure it does not spiral into conflict.

On the weekend, president Joe Biden explained that "this meeting is about our ongoing efforts to responsibly manage the competition, not agreeing to a specific deliverable or outcome.''

"Setting the terms of the competition will be an ongoing effort and this meeting between the two leaders is one step in that," said a senior US administration official, who spoke on condition of anonymity in a briefing with reporters on Sunday.

In a phone call ahead of the Xi-Biden summit, Chinese Foreign Minister Wang Yi last Saturday warned Secretary of State Antony Blinken not to "send the wrong signals" to pro-independence forces in Taiwan.

''The Chinese will not want a military conflict with the US, and the only possible scenario that could happen would be if it was related to Taiwan'', said Prof Hoo."

''I think Xi would want some form of assurance from Biden himself that the US will still stick to its longstanding one-China policy."