英语高手进，分析一下这个句子

It is precisely this kind of conversation that is of importance 。这是强调句，强调主语this kind of conversation 。

of importance =important

“(be)of+抽象名词可用其同根形容词 valuable、useful、helpful、different、important 等替换,:The dictionary is of help to us.=The dictionary is helpful to us.
when引导的是时间状语从句。主句是 when we are seeking to develop our reading 。
to meet the new demands 是当目的状语

being place upon us 是现在分词的被动式当the new demands 的定语。

by studying at a higher level.当方式状语

that is of importance 是定语从句，主句it is precisely this kind of conversation that is of importance意思是，正是这种交谈具有重要意义。
when we are seeking to develop our reading to meet the new demands being place upon us by studying at a higher level.是状语从句，意思是，当我们通过学习更高程度的知识（by studying at a higher level.）以寻求提高我们的阅读，来达到他们对我们的新的要求（being place upon us 现在分词修饰demands）