WASHINGTON - The fifth round of the China-US Strategic and Economic Dialogue (S&ED) started here on Wednesday, with the two sides expected to hold a series of talks on a wide range of political, security, economic and financial issues.

The S&ED is essential to both countries, which aim to promote mutual trust, US Vice President Joe Biden said during the opening session of the annual dialogue.

Acting as special representatives of Chinese President Xi Jinping, Chinese Vice Premier Wang Yang and State Councilor Yang Jiechi will co-chair the two-day dialogue with US President Barack Obama's special representatives Secretary of State John Kerry and Treasury Secretary Jacob Lew.

Wang and Lew will co-chair the economic track talks, while Yang and Kerry will co-host the strategic track talks.

China and the United States have been holding the annual S&ED talks since 2009, when Obama came to power, as a major channel of communications to enhance mutual trust, boost cooperation in varied fields and properly handle differences to prevent them from derailing the overall relations.