Washington, June 24 (IANS): The high-level and multidimensional economic talks between China and the US are bringing benefits to businesses and peoples of both countries, Chinese Vice Premier Wang Yang has said.

Wang made the remarks at the opening session of the economic track meetings on Tuesday under the framework of the seventh China-US Strategic and Economic Dialogue (S&ED), Xinhua reported.

The dialogue mechanism was an indispensable platform for economic cooperation between the two countries, and the annual S&ED sends positive signals to the market and creates more business opportunities to the benefits of the businesses and peoples of both countries, said the vice premier.

Wang said that it was normal to have differences in the bilateral economic exchanges, and that is why both nations should establish the dialogue mechanism.

Dialogues have not only boosted bilateral economic cooperation but also created conditions for further cooperation.

Through the dialogue mechanism, both sides have managed their differences and deepened economic cooperation. So both sides need to improve the mechanism in order to increase the efficiency of the economic talks, said Wang.

US Treasury Secretary Jacob Lew said in his opening remarks that the bilateral exchanges have helped both sides better understand each other. Through these channels, both sides were working to create economic opportunities for the citizens and firms of both countries.

China was pressing forward with crucial reforms to put its economy on a more sustainable growth path. China's success in sustaining growth and rebalancing its next stage of development would matter greatly not only for China, but also for the US and the global economy, said Lew.