The second round of the Strategic and Economic Dialogue between China and the United States is underway in Beijing. A strong, stable recovery of the world economy and improved bilateral ties are some of the key issues in the two-day talks. Both sides are expected to use the discussions to clear away misgivings and improve trust.

The two-hundred-strong U.S. delegation has a long wish list. And China the host has always wanted to maintain stable ties and frequent dialogue with the US.

Vice Premier Wang Qishan and State Councilor Dai Bingguo co-chaired the meeting with US Secretary of State Hillary Clinton and Treasure Secretary Timothy Guithner.

In his keynote speech at the opening ceremony, President Hu Jintao said sound bilateral ties contribute to peace, stability, and prosperity in the Asia Pacific Region and the world.

Hu Jintao, Chinese President, said, "Both China and the US are permanent members of the United Nations Security Council, and China and US are respectively the biggest developing country and the biggest developed country. We are facing the same issue and share common responsibilities, both for pushing for a quick recovery and sustainable development of world economy, and for managing regional hotspots and safeguarding world peace and security."

Working towards a full recovery of the global economy, better trade relations, and the currency issue will dominate the economic side of discussions.

Wang Qishan, Chinese Vice Premier, said, "During this dialogue, we hope to hear from the US side, in detail, its timetable and roadmap on gradually removing barriers to high tech exports to China, giving equal treatment to Chinese enterprises investing in the United State, and recognizing China's market economy status."

Timothy Geithner, U.S. Treasury Secretary, said, "After joining the WTO, China became significantly more open to imports, and to foreign investment. And we want to encourage you to go further, to take additional steps to make sure that companies that export to China, that operate in China, and that compete with Chinese companies around the world, are competing on a level playing field."

The two sides are also expected to create a favorable atmosphere to ease recent tension. It may require compromise to the other's core interests to move on in the strategic talks.

The Strategic and Economic Dialogue is one of the most important platforms for China-US communications and consultations. It's also one of more than sixty bilateral mechanisms.

It's hoped both sides will use the dialogue to clarify strategic intentions and clear the air.

Wang Mangmang, CCTV Reporter, said, "Both China and the US have a long list of issues to be discussed. Some overlap, while a few run counter to other's interests. Both sides hope for candid reflections on past problems as well as discussions on those looming on the horizon. No one expects agreement on all fields, but keeping open the lines of communication is crucial."