President Joe Biden on Tuesday once again reiterated that he is seeking "competition" and "not conflict" with China. 

What Happened: Biden standing before the joint chambers of the U.S. Congress, in his State of the Union address, said that he has made it clear to his Chinese counterpart, President Xi Jinping, that "we seek competition, not conflict."

The U.S. president said when he came to the top office, "the story was about how the People's Republic of China was increasing its power and America was falling in the world." 

However, it is not the case anymore, he added.

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"Today, we're in the strongest position in decades to compete with China or anyone else in the world. I am committed to work with China where it can advance American interests and benefit the world. But make no mistake: as we made clear last week, if China threatens our sovereignty, we will act to protect our country," Biden added. 

Ahead of meeting with Xi on the sidelines of the G-20 Summit in Bali last year, Biden told the media that he is looking for competition and not conflict with Beijing. The two leaders had also discussed their national interests and the "red line" to protect their souring ties. 

Meanwhile, in his State of the Union speech, Biden also subtly addressed U.S. sweeping chip export controls in October that hobbled China’s semiconductor industry. "Investing in our alliances and working with our allies to protect our advanced technologies so they're not used against us," he said. 

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