As China's President Xi Jinping prepares to meet his U.S. counterpart Barack Obama later this week, he is offering what appears to be an alluring deal for closer cooperation between the world's two biggest economies.

Xi, who looks forward to a decade of leading China as it grows stronger, told visiting U.S. National Security Adviser Tom Donilon last week that he wanted to explore with Obama a new type of Sino-U.S. relationship. Donilon was on a three-day visit to Beijing to prepare for the first summit between the two leaders.

It will be an informal meeting Friday and Saturday at a private estate in Southern California. The aim is to encourage extensive and candid discussion about the challenges and opportunities for what has become the single-most important relationship in global geopolitics.