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US President Joe Biden and China's Xi Jinping held their fifth phone call as leaders, speaking for more than two hours, as concerns mounted over US House Speaker Nancy Pelosi's possible visit to Taiwan.

The call began at 8:33 am (1233 GMT) and ended at 10:50 am (1450 GMT), according to the White House. 

Officials from the United States said it would cover a wide range of topics, including the war in Ukraine.

During the long phone call, Chinese leader Xi Jinping told US President Joe Biden that “the United States should abide by the 'one China' principle with regard to Taiwan and ensure that its actions are consistent with its words," as per the Chinese state media.

The Chinese President added that "those who play with fire will only get burnt," expressing hope that the US side can see this clearly.

On his part, President Joe Biden told China's Xi Jinping that the US policy on Taiwan remains unchanged and that Washington strongly opposes unilateral efforts to change the status quo or undermine peace and stability across the Taiwan Strait, according to a statement by the White House.

In a phone call, the two leaders "discussed a range of issues important to the bilateral relationship and other regional and global issues, and tasked their teams to continue following up on today's conversation, in particular, to address climate change and health security," the White House said in a statement.

The White House readout of the leaders' phone call made no mention of potential tariff cuts by Washington.

China decisively opposes Taiwan's "independence" and the interference of external forces, Xi concluded.

At its core, US officials see the exchange as another opportunity to manage competition between the world's two largest economies, whose ties have become increasingly strained by tensions over Taiwan.

Beijing has issued escalating warnings about the consequences of Pelosi's visit to Taiwan, which would be a dramatic, if not unprecedented, show of US support for the island.

It is worth noting that China sees Taiwan as an inalienable part of its sovereign territories, being very vocal about its opposition to any official contact between Taipei and other nations. 

The United States, on the other hand, has provided Taiwan with numerous weapon systems and supported pro-independence elements there.

Beijing's Foreign Ministry has reiterated on numerous occasions that the "one-China principle" was a political foundation of US-Sino relations, explaining that the US violated its own obligations and has been jeopardizing bilateral cooperation as well as peace and stability in the region.

Despite having stated that the US will not change its policy regarding China, President Joe Biden angered Beijing by appearing to signal a change in the US policy of "strategic ambiguity" on Taiwan. In a contradictory statement, Biden noted that "we agreed with the One China policy, we signed on to it... but the idea that (Taiwan) can be taken by force is just not appropriate," as the "One China policy" states that Taiwan is a part of the sovereign mainland.

Read More: Cold War Parallels: China-Taiwan Tensions