The new high-level discussions, set for July 27-28, are an extension of economic talks begun under the previous administration of George W. Bush, but with a broader focus.

The dialogue "will focus on addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic and economic interests," according to a joint statement from the US Treasury and State departments Monday.

The dialogue's first meeting, it added "will also set the stage for intensive, ongoing and future bilateral cooperative mechanisms."

The meeting is the first in a series agreed by President Barack Obama and his Chinese counterpart Hu Jintao that replaces a "strategic economic dialogue" established by the Bush administration and Beijing.

Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner will be joined by their respective Chinese co-chairs, State Councillor Dai Bingguo and Vice Premier Wang Qishan.

The talks aim to broaden the dialogue established by the Bush administration to a "cross-cutting structure that addresses the geopolitical nature of our mutual concerns in strategic and economic discussions," the Treasury said.

The structure of the talks "allows for a plenary session to discuss issues of cross-cutting strategic and economic importance, while maintaining distinct strategic and economic tracks," it added.

Leaders plan for annual meetings in alternate capitals "to facilitate robust engagement and progress between dialogues through coordination with existing bilateral dialogues and working-level interactions."

On the economic side, the talks are expected to address the massive US trade deficit with China and exchange rates, amid concern in the United States that Beijing is keeping the yuan artificially low to bolster its exports.

Chinese officials have also expressed concern about the value of their massive US bond holdings in the face of a growing US budget deficit.

China is the largest creditor to the United States, with 763.5 billion dollars invested in Treasury bonds, according to June Treasury data. Some Chinese officials earlier this year floated the idea of replacing the dollar with a basket of currencies as the benchmark global unit.

Although Monday's announcement offered no specific agenda, tensions have risen between Beijing and Washington over an uprising by Uighurs, an ethnic Turkic-speaking Muslim minority, in Urumqi, the capital of China's remote northwest Xinjiang region.

The United States is also working with China on international sanctions on North Korea in retaliation for its nuclear weapons program.

China supported a United Nations sanctions resolution in the wake of the North's defiant May 25 nuclear test and missile launches, but has been criticized by the United States in the past for lacking enthusiasm on such measures against North Korea, its neighbor and ally.

On Monday, China and South Korea agreed to try to revive six-nation talks -- which also include Japan, North Korea, Russia and the United States -- on Pyongyang's nuclear disarmament, after the North quit the forum and vowed to restart its atomic weapons program.

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