LONDON -- President Obama has accepted an invitation to visit China later this year, after meeting with Chinese President Hu Jintao. 

The two leaders met in London ahead of the G20 economic summit, shortly after Obama met with Russian President Dmitry Medvedev. Obama also accepted an invitation to visit Moscow. 

The White House said Obama and Hu agreed to "intensify coordination and cooperation on global economic and financial issues." As economic leaders, the United States and China say they want to work together to address the economic crisis. 

Treasury Secretary Timothy Geithner and Secretary of State Hillary Clinton will also head up a new, intensive round of talks with Chinese leaders on economic and political issues, senior Obama administration officials told FOX News. 

This new effort, dubbed the Strategic and Economic Dialogue, will be announced in London -- where G20 leaders are converging to discuss the global economic crisis.

The Chinese have openly questioned the long-term value of their treasury bond holdings and begun angling for a new global reserve currency to replace the dollar. Obama adamantly opposes replacing the dollar as the global reserve currency.

Geithner will engage senior Chinese officials on these and other economic issues, among them -- continued stimulus spending to boost consumer demand, China's currency valuation and trade compliance.

Clinton will speak with Chinese officials on foreign policy issues -- adding a diplomatic portfolio to high-level talks Bush Treasury Secretary Henry Paulson initiated with China.

"It's an expansion of a previous dialogue," an administration official said. "The treasury secretary will lead on economic issues and the secretary of state will lead on the political dialogue -- both benefiting the missions of their departments." 

FOX News' Major Garrett and The Associated Press contributed to this report.