The President called Chinese President Xi Jinping today to congratulate him on his new position and to discuss the future of the U.S.-China relationship. The President underscored his firm commitment to increasing practical cooperation to address Asia’s and the world’s most pressing economic and security challenges. Both leaders agreed on the value of regular high-level engagement to expand cooperation and coordination. The President noted that Treasury Secretary Jacob Lew will visit China next week and that Secretary of State John Kerry will also visit Beijing in the coming weeks as part of his upcoming trip to Asia. The President highlighted the threat to the United States, its allies, and the region from North Korea’s nuclear and missile programs and stressed the need for close coordination with China to ensure North Korea meets its denuclearization commitments. President Obama welcomed China’s G-20 commitment to move towards a more flexible exchange rate, and he underscored the importance of working together to expand trade and investment opportunities and to address issues such as the protection of intellectual property rights. In this context, the President highlighted the importance of addressing cyber-security threats, which represent a shared challenge. The two leaders agreed to maintain frequent and direct communication.