US President Joe Biden is set to meet Chinese President Xi Jinping in Peru during the Asia-Pacific Economic Cooperation (APEC) summit. This meeting marks their final face-to-face encounter of Biden's presidency as tensions rise with the impending leadership of Republican President-elect Donald Trump, who has threatened increased tariffs on China. Both leaders aim to manage their intense competition and discuss issues such as China's stance on Russia and human rights. Meanwhile, Xi will inaugurate a new $1.3 billion megaport in Peru, highlighting China's expanding regional influence. With Trump's 'America First' policies likely to reemerge, China is increasingly seen as an alternative leader in the region. Concurrently, Australian Prime Minister Anthony Albanese will attend APEC and the G20 summit to strengthen regional economic ties and address global challenges.