The United States and China set the first benchmarks this week ahead of a meeting of the countries' presidents expected next week on the sidelines of a G20 summit in Indonesia, Reuters reports.

The United States should work together with China to avoid misunderstandings and faulty judgments, a Chinese foreign ministry official said.

For his part, U.S. President Joe Biden said Wednesday that he was not ready to make any principled concessions during a meeting with his counterpart Xi Jinping. He said he wants the U.S. and China to lay out their red lines and resolve areas of conflict, including such issues as Taiwan's self-government.

Beijing and Washington have been working to arrange a face-to-face meeting between the two leaders since Biden took office in January 2021, U.S. officials said earlier.

The date and time of next week's expected summit on the resort island of Bali have not yet been made public.

China attaches great importance to the U.S. proposal to hold a meeting of the two heads of state in Bali, Chinese Foreign Ministry spokesman Zhao Lijian told reporters.

Both sides are currently communicating about it, it is noted.

Tensions between the United States and China have risen sharply over Taiwan, especially after a visit to the island by U.S. House Speaker Nancy Pelosi.

Taiwan remains the linchpin of China's core interests, said a Chinese Foreign Ministry spokesman.