The fifth round of the China-U.S. Strategic and Economic Dialogue (S&ED) started here on Wednesday.

The two-day event will see leading officials from more than 20 departments and ministries of both countries hold talks and consultations on a wide range of topics covering political, security, economic and financial issues.

Acting as special representatives of Chinese President Xi Jinping, Chinese Vice Premier Wang Yang and State Councilor Yang Jiechi will co-chair the two-day dialogue with U.S. President Barack Obama's special representatives Secretary of State John Kerry and Treasury Secretary Jacob Lew.

Wang and Lew will co-chair the economic track talks, while Yang and Kerry will co-host the strategic track talks.

Speaking at the opening session of the S&ED on Wednesday, U.S. Vice President Joe Biden noted that the two countries have their disagreements. "But if we are straight forward, clear, and predictable with one other, we can find solutions that work for both of us."

The U.S. and Chinese economies are increasingly interconnected. Dialogue is better than confrontation and is important for both countries, Wang said at the event.

The fifth round of S&ED now stands at a new starting point as the two nations have both entered a new era of development and come together to explore a new type of relations between major countries, Yang said.

The S&ED is critical to generating practical cooperation on issues across the bilateral relationship and a place where the two nations can make real progress, Lew said at the event.

"We meet at a time when the citizens in both of our countries are looking to their policy makers to advance policies that lead to greater prosperity, equity, and opportunity," Lew said.

Highlighting that the first strategic and economic dialogue was really a "landmark event," Kerry said, "with each passing year, we've been able to build on this dialogue. And now, I think, we've made it the key mechanism for managing cooperation and competition between our countries."

China and the United States have been holding the annual S&ED talks since 2009, when Obama came to power, as a major channel of communication to enhance mutual trust, boost cooperation and properly handle differences. Endi