Biden-Xi face to face meeting ahead of APEC Summit in San Francisco: Is this a meeting of two desperados?

US President Biden and Chinese President Xi had a first ever in person meeting in three years of Biden's administration.  Sino-US relations have deteriorated since 2017 with Trump's America First and MAGA foreign policies and Biden administration has doubled down on what the Trump administration's China policy. With the weak economic performance of the Chinese economy of late and the many problems that Biden faces at home putting his re-election chances for a second term at risk, this meeting holds importance for both leaders for various reasons.  Why did it happen when it happened? What are the implications of domestic politics and domestic audience costs of this meeting? What does it mean for small states in the region?