China and the United States held the second round of the Strategic and Economic Dialogue (S&ED) Monday in Beijing.

The talks, which will discuss key issues including trade, investment, and global economic recovery, have received a lot of attention from international organizations and media around the world.

The U.S.-China Business Council (USCBC) said in a statement Monday that the S&ED provided a forward-looking, high-level, cross-agency mechanism for dealing with key issues in the U.S.-China relationship.

"Current tensions on the Korean Peninsula underscore the strategic value of the dialogue. At the same time, America's commercial relationship with China is critical to our nation's economic growth," USCBC President John Frisbie said in a statement.

Frisbie said the United States and China need to cooperate more on issues such as regional security, energy and the environment, maintaining open trade and investment regimes, and coordinating economic recovery policies.

"(Chinese) President Hu Jintao's opening statement today touched upon all of these issues, and we look forward to hearing more tomorrow when the S&ED concludes," Frisbie said.

The AFP reported Monday that the high-level talks were attended by a 200-strong U.S. delegation.

"We will not agree on every issue. But we will discuss them openly, as between friends and partners," U.S. Secretary of State Hillary Clinton said.

China's Vice Premier Wang Qishan said that with increasingly close ties, the economies of the United States and China have become inseparable.

He said the two sides should regard this meeting as a good opportunity to evaluate the current situation and coordinate polices so as to ensure the continuous development of the two economies.

As the special representatives of President Hu, Wang and State Councilor Dai Bingguo are co-chairing the two-day S&ED together with Clinton and U.S. Treasury Secretary Timothy Geithner, the special representatives of U.S. President Barack Obama.

About 50 representatives from 40-plus government departments of the two countries are also participated in the talks.

Succeeding the China-U.S. Strategic Dialogue and China-U.S. Strategic Economic Dialogue, the S&ED was established on April 1, 2009, by President Hu and President Obama during their first meeting in London on the sidelines of the G20 financial summit.