The world's two biggest economies have opened the fifth round of their Strategic and Economic Dialogue in Washington.

That's China and the US. The two-day event will see leading officials from more than 20 departments and ministries of both countries talk on a wide range of topics covering political, security, economic and financial issues. Chinese Vice Premier Wang Yang and State Councillor Yang Jiechi are co-chairing the talks with US Secretary of State John Kerry and Treasury Secretary Jacob Lew.

At the opening session of the economic track talks of the SED, Chinese Vice Premier Wang Yang called on both sides to be candid and result-oriented. He said the two nations should take a long-term view because tasks will not be accomplished with one stroke. Still he expects this year's annual talks to deliver more tangible outcomes.

"Under the current situation, there are differences, misunderstanding and even conflict between the US and China's interests. Our job is to solve these problems by dialogue. We do not politicize the trade issue, we do not exaggerate problems, we do not complicate Sino-US relations." said Wang Yang, Chinese Vice Premier.

US Secretary of State John Kerry spoke of the global importance of relations between the world's two largest economies. He called for joint efforts to promote peace, stability and prosperity in Asia-Pacific and the world as a whole.

He said the US is happy to see China as an emerging power, and that he believes that China's economic reform is beneficial to the US and the world.

The dialogue comes after the June summit in California between Presidents Xi Jinping and Barack Obama. The two leaders have agreed on building a new type of relations between their countries.

China and the US have been holding the annual Strategic & Economic Dialogue talks since 2009, when President Obama took office. The talks are a major channel of communications to enhance trust, boost cooperation on various fields and properly deal with differences to prevent them from derailing the general relations.