Biden and Xi agreed on the importance of face-to-face talks and that their respective teams will coordinate a mutually agreeable time to do that, a senior administration official said.
"They also discussed the value of meeting face to face and agreed to have their teams follow up to find a mutually agreeable time to do so," the official told a briefing.
After the meeting, Chinese President Xi said that viewing China-US relations in terms of strategic rivalry is wrong, and so is the perception that China is the US's main opponent and a long-term challenge.
"To consider and determine China-US relations from the point of view of strategic rivalry, as well as to consider China as the most important opponent and the most serious long-term challenge is an incorrect assessment of China-US relations, and an incorrect understanding of China's development," Xi said during a telephone conversation with US President Joe Biden, as quoted by China Central Television (CCTV).
The Chinese leader added that both sides should maintain cooperation at all levels, effectively use existing communication channels, and develop bilateral cooperation.
According to Xi, the international community and people of all countries expect China and the US to "play a leading role in maintaining peace and security around the world."
A state TV channel in China reported on Thursday that Xi, while speaking about the Taiwan issue with Biden, said that "one who plays with fire" will certainly burn himself.
White House spokesperson Karine Jean-Pierre on refused to comment on President of China Xi Jinping’s warning against "playing with fire" with respect to Taiwan during his phone call with US President Joe Biden earlier in the day.
"I'm not going to speak to that statement, that comment," Jean-Pierre said during a press briefing. "It was a direct, straightforward conversation… But again, I'm not going to speak to or characterize what was just stated."
Earlier in the day, the White House said that the phone conversation between the two leaders was a part of the Biden Administration’s efforts to maintain and deepen lines of communication between the US and China, and "responsibly manage" their differences.
While deepening lines of communication were broached, Biden and Xi did not discuss the possibility of lifting Trump-era tariffs imposed on China, a senior Biden administration official said on Thursday.
"So on the question of tariffs, President Biden explained to President Xi [his] core concerns with China's unfair economic practices, which harm American workers and harm American families," the official said during a conference call.
The two leaders "did not discuss any potential steps" on lifting the tariffs imposed on China, the official said.
"[I]t would be wrong to believe that somehow a decision on any next steps was somehow waiting for this conversation," the official added.
Another subject left to future meetings was a price cap on Russian oil, a senior administration official said.
"This is not something that that was discussed in any detail in the conversation," the official told a briefing when asked about the price cap.
This is the leaders' fifth call since Biden took office last year and it happens amidst heightened tensions among the geopolitical rivals as US House Speaker Nancy Pelosi is considering a controversial trip to Taiwan during the congressional recess in August.