The two leaders are likely to discuss the Diaoyu Islands dispute between China and Japan. The Japanese government's decision to "nationalize" this disputed territory in 2012 shattered the status quo and put Japan on a collision course with China. Concerns about the complicated quarrels in the South China Sea - including the recent killing of a Taiwan fisherman by the Filipino navy - may also find a place at the negotiating table.

With respect to economic issues, it is likely that differing opinions will be aired. Obama will probably call for further revaluation of the yuan. Complaints about "dumping" (selling products below cost) and failure to protect intellectual property rights could also be raised. Xi will probably remind his host that most of America's economic difficulties may be traced to its budget deficits and irresponsible fiscal policies.

Discussions between Xi and Obama will include other topics as well. For example, Obama will probably ask Beijing to support a tougher stance against Iran and Syrian President Bashar al-Assad. And Xi is likely to ask Washington to abide by the US-China 1982 Communiqu and reduce its arms sales to Taiwan. He may also raise concerns over the "pivot to Asia" policy of the US.

Both leaders are likely to call for cooperation to cope with a wide range of pressing global problems, including the sluggish performance of the global economy, international and domestic terrorism, proliferation of weapons of mass destruction, environmental degradation, health issues and dwindling energy supplies to name just a few.

It is unlikely that the two-day meeting will lead to a dramatic breakthrough in Sino-US relations. Most problems will remain unsolved and a grand bargain is highly unlikely. But that is not the goal of these conversations.

Rather, the purpose of the summit is to allow the two leaders to establish a good working relationship that will enable them to manage differences and lay the groundwork for future cooperation. And it is in the fundamental interest of both countries now as well as in the future to forge a constructive and cooperative relationship. This is why this meeting is so important to the US, China and the global community.

The author is the director of the Graduate Program in Global Studies at Missouri State University.