Chinese Vice Premier Wang Yang said on Wednesday that the United States and China should seek common ground and manage differences in their communication, so as to make more progress in the fifth China-U.S. Strategic and Economic dialogue (S&ED).

Wang made the remarks at the opening session of the economic track talks of the S&ED, saying it is important for the world's two largest economies to promote mutual understanding and trust.

While noting the two nations should take a long-term view over their relations because tasks will not be accomplished with one stroke, Wang said both sides need to be candid and result-oriented in their dialogue, and he expected this year's annual talks to deliver more tangible outcomes.

The U.S. Treasury Secretary Jacob Lew, co-chair of the economic track talks, said at the opening session that the two nations came to this dialogue with a new set of opportunities and challenges.

"These meetings are an invaluable way for our two countries to communicate priorities, manage frictions, and improve trust, so that we can make progress on the issues that matter most to us," said Lew.

China and the U.S. have been holding the annual S&ED talks since 2009, when President Obama came to power, as a major channel of communications to enhance mutual trust, boost cooperation on varied fields and properly deal with differences to prevent them from derailing the general relations.