Latest News by Industry
• Biden expressed his concerns about China providing military support to Russia
• Xi said that US and China had an obligation to promote peace
President Joe Biden spoke to his Chinese counterpart, President Xi Jinping for nearly two hours, discussing Moscow’s invasion of Ukraine.
The White House said that the during the two-hour phone call, Biden “described the implications and consequences if China provides material support to Russia.”
Two two leaders began speaking at 9:00 EST on Friday, the White House said, amid warnings from Washington that China may be considering providing military support to Russia.
The Chinese Ministry of Foreign Affairs reported Xi told Biden that the US and China each had an obligation to promote peace.
US officials believe that China is pondering over whether to provide military or financial assistance to Russia, which has requested for the same as its military sustains major losses in Ukraine. CNN reported that if China agrees, it could dampen its relationship with the West for decades to come.
China and the West share deep economic relationship. Trade between the EU and China was more than $800 billion last year and US-China trade was over $750 billion, according to China's official data, while its trade with Russia was just under $150 billion.
Ahead of the call, US Secretary of State, Anthony Blinken, said that Biden would make it clear that “China will bear responsibility for any actions it takes to support Russia's aggression and we will not hesitate to impose costs.”
President Jinping is looking at a third term in power during the Communist Party's 20th National Congress in Beijing this fall. CNN reported that for the same reason, he will be mindful of the economic risks posed by secondary-sanctions.
Inputs from CNBC