Biden says "important progress" made after meeting with China's Xi

President Biden said the U.S. and China made "important progress" on Wednesday after he met with Chinese leader Xi Jinping at the APEC summit in San Francisco.

Why it matters: It was the first meeting between the two leaders in a year. Prior to the meeting, Biden said the U.S. wanted to improve bilateral relations that have spiraled downward due to fiercely disputed issues including Taiwan, maritime disputes, cybersecurity and espionage, sanctions, and human rights violations.

The two leaders are expected to announce the resumption of military communications and a deal that will see Beijing crack down on fentanyl production and export.

What they're saying: "I've just concluded a day of meetings with President Xi, and I believe they were some of the most constructive and productive discussions we've had," Biden said on X after the meeting.