Speaking at the opening session of the annual high-level talks between China and the United States, Chinese Vice Premier Wang Yang says dialogue is an important tool to accelerate the development of society.

"We would like to have dialogues and listen to different voices, and would accept the correct ideas. In the process of globalization, we had benefited from having dialogues with various stakeholders including the United States. Those dialogues help to detect the problems that had hindered our development and therefore improved our work. However, China, like the United States, will never accept views, however presented, that undermine our basic system or national interests."

The Chinese vice Premier notes that just a month ago President Xi Jinping and President Barack Obama held their historical summit at Sunnylands, California and opened a new chapter in bilateral relations.

The talks are designed to try to put the consensus reached between the two leaders into concrete policies.

Wang Yang admits there are misunderstandings and disagreements between the two sides.

However, he says the disagreements can be controlled, noting China-U.S. cooperation is now a global issue.

U.S. Vice President Joe Biden says he agrees.

"Mechanism like the Strategic and Economic Dialogue plays an important role in managing our complex relationship. If together we get it right, we can leave behind a much better future for our children, and for their children, and quite frankly, for the world."

Biden says U.S.-China relationship will remain both competitive and cooperative, saying both sides share a wide range of opinions.

The annual talks, now in their fifth year, involve senior officials including U.S. Secretary of State John Kerry, U.S. Treasury Secretary Jack Lew and Chinese State Councilor Yang Jiechi.

Kerry says the talks allow the two countries to speak candidly about their differences to constructively manage them and increase understanding.

Jacob Lew says, as the world's two largest economies, too much is at stake for both the United States and China to let the differences come in the way of progress.

"Now, while we each must guide our economic futures by expanding the middle class of our nations, what we each do domestically matters enormously for the other. Yes, our economies are inter-connected. But what matters is ensuring that our economies are growing in a way that is balanced, beneficial, and mutually compatible."

As part of the two-day-sessions, senior officials from nearly two dozens of government agencies from both sides are expected to discuss a wide range of issues, including climate change, energy security and economics and trade.