The Biden-Xi Truce of the Moment

President Biden met Chinese President Xi Jinping on Wednesday in California, and the atmospherics suggested a new era of bilateral good feelings. But no one should be fooled that this is anything other than an era of intense competition, or that Mr. Xi is giving up his ambition to upend the U.S.-led international order.

Both sides have reasons at the moment to appear to be getting along better. Mr. Xi needs foreign investment and export markets to offset the real-estate crash and excessive debt that are slowing China’s economy. He wants a respite from further economic sanctions or U.S. limits on the sale of technology to Chinese firms. He’s put Beijing’s “wolf warrior” diplomats in the closet for now, though they could return at any time.

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