US President Barack Obama and members of his cabinet welcome 7th China-US Strategic and Economic Dialogue principals, including China’s Vice-Premier Wang Yang (third from left with earpiece), Vice-Premier Liu Yandong (fourth from left in blue) and State Councilor Yang Jiechi (fifth from left) on Wednesday in White House. [PHOTO BY WEN XIAN / FOR CHINA DAILY]

China and the United States concluded their largest-scale annual meeting in Washington on Wednesday by announcing hundreds of outcomes in strategic, economic and people-to-people areas.

In a joint press conference on Wednesday evening, Vice-Premier Wang Yang, State Councilor Yang Jiechi, US Secretary of State John Kerry and US Treasury Secretary Jack Lew described the 7th China-US Strategic and Economic Dialogue (S&ED) and the 6th China-US High-Level Consultation on People-to-People Exchange (CPE) as conducted in a candid, constructive and productive way.

Wang, who chaired the economic track dialogue with Lew, said the success of the economic track talk has contributed to the ballast of the sustainable, stable development of China-US relations.

The fast-growing trade and investment relationship has long been regarded as ballast for a sound bilateral relationship between the two largest economies. Two-way trade exceeded $550 billion last year.

Wang said the productive talks laid a foundation for a successful state visit to the United States by President Xi Jinping in September.

"The successful talk this time shows that the S&ED mechanism is a reflection of the maturity of the bilateral relationship, and an indispensable platform for China-US cooperation," Wang said.

According to Wang, both sides emphasized that the Bilateral Investment Treaty (BIT) is the most important issue in the China-US investment and trade relationship, and both sides regard the recent exchange of negative lists as a milestone in the negotiation.

While China hopes a BIT will help ensure better protection of the growing Chinese foreign direct investment in the US and not subject it to discriminatory probes, the US hopes it will open more Chinese markets, especially the financial sector, to US investors.

He said that both sides are committed to pushing forward the BIT negotiation to reach a mutually beneficial, win-win and high-standard agreement.

Encouraged by the growing trade and economic ties between cities and states and provinces in the two countries, both will set up a high-level working group to further strengthen the ties, according to Wang.

He noted that the US has recognized China's deep concern over the US restriction of high-tech exports to China and promised to address the issue, especially on products for civilian use.

Both sides have vowed to respect the procedures by the International Monetary Fund regarding possible inclusion of the yuan into the Special Drawing Rights (SDR) currency basket.

Yang, the State Councilor, described the 7th S&ED as "reaching widespread consensus and achieving positive results". The outcome document on the strategic track announced on Wednesday included 127 items of consensus.

Yang and Kerry, who chaired the strategic track of the talk, talked about building a new type of major-country relationship, a concept first agreed to by Xi and Obama when they met in Sunnylands, California, in June 2013.