Chinese President Xi Jinping shakes hands with U.S. Vice President Joe Biden (L) inside the Great Hall of the People in Beijing December 4, 2013. WASHINGTON -- President Joe Biden will hold a highly anticipated virtual summit with Chinese President Xi Jinping on Monday evening, CNBC has confirmed. Biden and Xi have held two phone calls since Biden took office in January, the most recently on September 9. But Monday's summit will be the first time in Biden's term that they have communicated face-to-face in a formal summit format. Traditionally, world leader to leader summits are carefully choreographed to produce some kind of tangible outcome. But senior White House officials said the Biden-Xi summit will not be like that. "This is not about seeking specific deliverables or outcomes," said one administration official, who requested anonymity to discuss an agenda that was still being finalized on Friday. "This is about setting the terms of an effective competition where we are in the position to defend our values and interests and those of our allies and partners," the official said. "We believe when such terms—or guardrails—are established, we can sustain a vigorous competition." The summit comes as the United States and China are at odds on major geopolitical issues like trade, human right . . . read the full article here.