Well the meeting between Xi and Biden went as expected.
China has no intention of rolling back its actions.
The only issue is hostilities, where no side wants to rush.
Chinese calculation is that USA will continue to face pressure to reduce size of its military, which will pressure its Asian allies in turn to accept
China as the dominant power.
Only Japan has the resources to stand up to China in East Asia. No other country has them. South Korea has been neutralized by North practically.