G20 in Bali: Can the US and EU find common ground with China?

US President Joe Biden and China's Xi Jinping met in Bali today to set 'guardrails' for future relations between the two super powers.
Tensions between the world's top two economies have been increasing sharply in recent years, with Beijing becoming more powerful and more assertive about replacing the US-led order that has prevailed for decades. The US is hoping for the meeting to establish 'clear rules of the road' and help avoid escalation of an ongoing political and economical matchup.
And the EU has its own issues with China. Can the US rely on its support in trying to contain China?