By Eduardo Baptista and Lucinda Elliott LIMA (Reuters) -With Donald Trump's imminent return to the U.S. presidency looming over the Asia-Pacific Economic Cooperation (APEC) summit in Lima, Chinese President Xi Jinping said on Friday that unilateralism and protectionism needed to be rejected in favour of economic globalization.

President Joe Biden and his Chinese counterpart, Xi Jinping, closed the book on their diplomatic relationship Saturday, meeting for a final time amid uncertainty over what the next Donald Trump presidency might portend for their two countries’ ties.

President Yoon Suk Yeol will hold a summit with Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Peru on Friday, the presidential office said Thursday.