Chinese President Xi Jinping in a video call with US President Joe Biden (Archive)

The Wall Street Journal reported on Thursday that Chinese President Xi Jinping told US President Joe Biden in a phone call ahead of House Speaker Nancy Pelosi's visit to Taiwan that now was not the time for a full-fledged crisis.

Xi delivered that message to his American counterpart in a phone call on July 28, four days before Pelosi's controversial visit to Taiwan as per the report.

The Chinese leader was also frustrated that diplomacy had failed to prevent this trip, the report added.

During the conversation, Xi warned Biden of the potential repercussions of Pelosi's trip but did not specify what outcome it might have, as per the report.

At the same time, he stated that China will not go to war with the US and urged both sides to maintain regional peace and security, according to the report.

The report went on to say that Chinese officials had warned Washington against Pelosi's visit to Taiwan since April, as they were concerned that this move would cause a "domino effect" of other world leaders to travel to Taipei.

Possible irreversible repercussions

The risky visit taken by the US administration and Pelosi caused a wave of geopolitical repercussions and global alarm for fear of escalating tensions. Ahead of her arrival, not only did it prompt China to assemble its military assets and personnel, but Taiwan also administered drills on the island to prepare for a worst-case scenario, in the event war breaks out.

Asian and global markets took a sharp fall as well. Stocks in cities like Sydney, Jakarta, Tokyo and Shanghai saw a deep drop in value amid rising inflation and increasing prices. Following the impacts of Pelosi’s visit and departure, Russian diplomat Lavrov still pressed the US to remain committed to the One China policy and avoid further provocations.

"Based on the relevant legislation of China, the Chinese side has decided to impose sanctions on Pelosi and her close relatives following her provocative actions," the statement read. China has, since then, vowed to reunify with Taiwan, considering it a matter of “historic imminence”.