Full coverage: 8th China-U.S. S&ED & 7th CPE

President Xi Jinping has given a speech at the Joint Opening Ceremony of the Strategic and Economic Dialogue and the High-level Consultation on People-to-People Exchange. Both China and the US have showed the will to strengthen cooperation and address differences.

Enhancing cooperation and avoiding confrontation. That notion has been reaffirmed during the dialogue.

In a speech at the Joint Opening Ceremony, Chinese President Xi Jinping emphasized the importance of consultation and communication to expand mutual trust and consensus.

"Thanks to our concerted efforts, our two countries have cooperated at bilateral, regional and global levels in a wide range of areas, and registering new programmes in our relations. We witnessed record highs in trade and two-way investments, enjoyed closer people-to-people and sub-national exchanges, and made new headway in cooperation in cyberspace, law enforcement and military exchanges. We issued three joint statements on climate change and worked together with other countries for the conclusion of the historic Paris agreement," Xi said.

US Secretary of State John Kerry said the progress made on climate change is a very clear example of a benefit that arose from dialogue between China and the US.

He also added that it's vital to use this meeting to constructively deal with contentious issues, ranging from cyber security to the territorial disputes over the South China Sea.

"The US will make it clear that we are looking for a peaceful resolution to the disputes of the South China Sea. We urged all nations to find a diplomatic solution... in rule of law," said John Kerry, US Secretary of State.

US Treasury Secretary Jack Lew said he supports China's efforts to reduce excess industrial capacity, improve data and regulatory transparency, and lower barriers to trade and investment.

"Together, the US and China account for a third of global GDP and nearly 40 percent of recent global growth. Our countries have an enormous stake in each other's economic success. And, as the world's two largest economies, our policies and economic management will not only shape the prosperity of the our own peoples,, they will structurally shape the health and development of the global economy as well," said Jack Lew, US Treasury Secretary.

Strategic mutual trust, economic and trade cooperation, and people-to-people exchanges are crucial to the development of China-US ties.

The world's two largest economies seek a relationship that is not defined by confrontation, but by practical cooperation on common challenges, and the constructive management of differences. And that will not only benefit both countries, but the entire world as well.