This will mark the first time the two men meet face to face, although they have spoken virtually five times over the last two years.
Xi did not attend last year's summit in Rome and only recently started traveling outside of China.
The leaders will "discuss efforts to maintain and deepen lines of communication between the United States and the PRC, responsibly manage competition, and work together where our interests align, especially on transnational challenges that affect the international community," the White House said in a statement issued Thursday.
"The two leaders will also discuss a range of regional and global issues."
Biden addressed reporters at the White House on Wednesday, telling them he expects to address the mounting geopolitical tensions between the two countries.
"What I want to do with him when we talk is lay out what each of our red lines are and understand what he believes to be in the critical national interests of China, what I know to be the critical interests of the United States. And determine whether or not they conflict with one another," Biden said on Wednesday.
Xi has routinely mentioned during public appearances his desire for "reunification" with Taiwan.
Biden has repeatedly asserted the United States would defend Taiwan militarily against an attempted invasion by China. He reiterated that point when the two men spoke virtually in July, when they also first broached the subject of holding an in-person meeting.