Biden-Xi Bilateral Meeting - 14:00 ET 19:00 GMT 2/2

Continued from previous bullet.

• Xi is expected to press Biden on moderating some export controls on tech, tariff reduction, and investment restrictions. This will be a heavy lift and Treasury Secretary Janet Yellen said this week that "targeted actions" remain central to US national security.
• Treasury said ahead of the summit: "We do not seek to de-couple from China... At the same time, we will work to advance our national security through targeted actions where needed."
• Biden told reporters yesterday, in ad hoc remarks, "we're not trying to decouple from China, but what we're trying to do is change the relationship for the better," adding, "I'm not going to continue to sustain support for positions where if we want to invest in China, we have to turn over all our trade secrets," suggesting that the Beijing and Washington remain deeply conflicted over regulating the business environment.
• Treasury indicated the same in a preview of the summit: "Secretary Yellen will continue to communicate directly to Chinese counterparts about the importance of offering a level playing field for American workers and businesses."
• Most analysts agree the meeting will primarily function as a checkpoint to dial back the decades-high tensions which followed then-Speaker Nancy Pelosi's (D-CA) trip to Taiwan in August last year and subsequent diplomatic fallout over the Chinese 'spy balloon' in January.
• The NYT writes that Biden's goal is to, "find a way to avoid an increasingly bitter competition with China from tipping into conflict."