On Thursday, the two sides will continue talks on strategic and economic issues, while business leaders from the two countries meet for a roundtable discussion in the morning.
Growing economic and trade ties between China and the US have long been regarded as a pillar of relations between the world's two largest economies, which are also each other's second-largest trading partner.
Two-way trade approached $500 billion last year.
China is one of the fastest-growing export markets for the US, which is also seeing increased direct investment from China.
On Wednesday, The Washington Post published an article by State Councilor Yang in which he described Sino-US cooperation as an anchor for world peace and stability.
"China's development poses no threat to any other country," Yang wrote, adding that the country's pursuit of development will increase mutually beneficial cooperation with the US and other countries.
Tao Wenzhao, a US studies expert at the Chinese Academy of Social Sciences, said the dialogue is the most important platform among more than 90 China-US cooperation mechanisms.
Key areas of cooperation for the two countries will be announced at a joint news conference late on Thursday afternoon. Last year, some 50 areas were on the list. This year, the list will be substantially longer, according to Chinese officials.
Zheng Yangpeng in Beijing contributed to this story.
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