Obama and Xi will hold a two-day summit June 7-8 at Sunnylands, an estate in Southern California, the White House announced on Monday. It will be their first meeting since Mr. Xi became president of China in March.
Previously, the two men had been expected to meet at the G20 summit in Russia in September, but it appears both sides have so many issues to discuss that were keen for an earlier meeting.
The presidents would hold "in-depth discussions on a wide range of bilateral, regional and global issues", the White House said. "They will review progress and challenges in US-China relations over the past four years and discuss ways to enhance co-operation, while constructively managing our differences, in the years ahead."
The meeting will come at a significant moment for the United States and China. Apparently the two leaders will try to establish a working relationship on critical issues like North Korea, the global economy and allegations of state-sponsored cyber-attacks.
On North Korea, the Obama administration has criticized the country for its nuclear tests, and wants China to make more of an effort to curb the threatening behavior of its neighbor.
As for cyber technology issues, the US has accused China of state-sponsored cyber attacks that it believes have led to the theft of billions of dollars in intellectual property and government documents.
While there are some tensions in Sino-American relations, there are also many stabilizing factors. The PRC and the United States are major trade partners and have common interests in the prevention and suppression of terrorism and nuclear proliferation.
Moreover, China holds about $1.25 trillion in United States debt, more than any other foreign country, but its share of total debt has fallen in recent years to 7 percent from 10 percent, easing American reliance on Beijing.
The Sino-American relationship has been described by top leaders and academics as the world's most important bilateral relationship of the 21st century.