Relations between the world's two largest economies have recently deteriorated, in particular over Taiwan, a self-ruling democracy claimed by China, which last month made a record number of air incursions near the island.
Washington has repeatedly signaled its support for Taiwan in the face of Chinese aggression, but the United States and China reached a surprise agreement on climate at a summit in Glasgow.
"The two leaders will discuss ways to responsibly manage the competition" between the two countries "as well as ways to work together where our interests align," White House press secretary Jen Psaki said in a statement Friday.
"Throughout, President Biden will make clear US intentions and priorities and be clear and candid about our concerns with the PRC," Psaki said, referring to Beijing by the acronym for the People's Republic of China.
The virtual talks will take place "in the evening" on Monday in Washington -- meaning early Tuesday in Beijing, she announced.
Biden and Xi have talked by phone twice since the veteran Democrat moved into the White House. The pair also met extensively when Biden was serving as vice president to Barack Obama, and Xi was vice president to Hu Jintao.
Biden had hoped to meet Xi at a recent Group of 20 summit in Rome, but the Chinese leader has not traveled since the start of the Covid-19 pandemic and instead agreed to virtual talks by the end of the year.
Both men participated in the APEC virtual summit overnight that was hosted by New Zealand Prime Minister Jacinda Ardern.
The White House has already made it known that substantive announcements are unlikely to emerge from Monday's talks.
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