Chinese newspapers covering the 20th Party Congress, Beijing, October 2022
Florence Lo / Reuters

As Chinese President Xi Jinping and U.S. President Joe Biden sit down for a rare face-to-face meeting in Bali, Indonesia, on November 14, both leaders are confronting acute challenges at home. Despite his newly confirmed third term as China’s top leader, Xi faces far-reaching economic challenges. He is grappling with how and when to loosen the draconian zero-COVID policies that have angered Chinese citizens and battered investor confidence. Adding to the pressure are the country’s flagging growth and ambitious modernization targets, which have been further challenged by a new U.S. ban on advanced semiconductor exports to China.

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