As the sun sets in Bali, Xi and Biden remain sequestered in the Mulia hotel, running close to the two-hour mark of their meeting.

US officials don’t expect it to last much longer. But with Biden’s press conference scheduled to take place at 21:30 local time (13:30 GMT), it’s evident they are also prepared for talks to drag on if needed.

The pair are thought to be discussing tensions over Taiwan, global economic security, North Korea, and Russia’s invasion of Ukraine. It is also understood the US hopes the meeting will smooth out tensions that had spiked with US House Speaker Nancy Pelosi’s visit to Taiwan in August.

Biden and US officials have gone to great pains to clearly signal this aim of conciliation in recent days. Biden has stressed repeatedly that the US does not want conflict with Xi, and he told Xi earlier that the US and China must show they “can manage our differences, prevent competition from becoming anything ever near conflict, and to find ways to work together”.

Biden also said he was “committed to keeping the lines of communication open between you and me personally” as well as their governments across the board, and that the world expected their two countries to play a role in addressing climate challenges and food shortages.

Xi appears to be on the same page. He acknowledged the China-US relationship was in “such a situation” that it has caused concern, “and it is not what the international community expects of us”.

“We need to chart the right course for the China-US relationship,” he told Biden, given that “the world has come to a crossroads”.

Both leaders have basically acknowledged they know what’s fully at stake here, and signalled to the global community that they will act responsibly. We will soon find out what they’ve agreed on – and the path they have set for the rest of us.