There has been a lot of hype, for a long time, about a rising China. There is now no question about China’s growing economic power or its military ambition. Over the past year, relations between Washington and Beijing have become increasingly tense and mistrustful.

When President Obama and President Hu Jintao of China meet at the White House on Wednesday, they must try to set a new course in which competition is carefully managed and a premium is placed on cooperation. That will require a commitment to sustained discussion of the many issues dividing them  and an agreement to keep talking even in difficult times.

For Mr. Obama, the top items include: China’s currency manipulation; its enabling of North Korea and Iran; its abuse of human rights; and its recent challenge to American naval supremacy in the western Pacific.

For Mr. Hu, the top item is winning acknowledgment of its global stature. He will likely goad the president to get America’s fiscal house in order to ensure the safety of China’s large investment.