SAN FRANCISCO -- The summit meeting between Chinese President Xi Jinping and US President Joe Biden is "the most important diplomatic event of the year, surely for both China and the United States and arguably for the entire world," Chairman of the Kuhn Foundation Robert Lawrence Kuhn said on Wednesday.

"I have said for very many years that the peace and prosperity of the world depends on stable, strong, forward-looking, mutually enhancing relations between China and the US," Kuhn told Xinhua via email, talking about Xi-Biden meeting at Filoli Estate in the US state of California, earlier in the day.

"To establish a 'floor' under Sino-US relations, which will ensure that relations will not continue to become worse, will be a huge contribution to world peace and prosperity. Then, both countries can carefully build back up, by finding specific areas of agreement and mutual benefit," said Kuhn.

"The very fact that the summit meeting was held is of course the most important signal, because neither side would allow the meeting if each were not highly confident of a successful outcome," Kuhn said. "That said, the specific agreements are important -- such as on climate change or fentanyl precursors or formal communications schedules -- because these exemplify and reaffirm the commitment of both sides."

Kuhn said both countries are responsible for improving relations. "Beyond this, as the world's two strongest economies and militaries, the US and China have a further responsibility to the world community," said Kuhn.

More specifically, said the veteran expert on China, there are "clear and direct economic benefits" for the United States and China to work together in terms of classic economic efficiencies that increase the standard of living in both countries, with more goods and services with higher quality and at lower costs.

"For several years, I've offered three prescriptions for US-China relations: First, don't make things worse. For the first time in years, it seems that both sides are trying to do just this. Second, find small positive things to do together. Certainly, regular communications are key. Third, let time pass peacefully. Time has its own way of solving problems that may seem intractable," Kuhn said.