U.S. President Barack Obama (5th L) meets with Chinese Vice Premier Wang Yang (4th L) and State Councilor Yang Jiechi (2nd L), both special representatives of Chinese President Xi Jinping, in Washington July 11, 2013. (Xinhua/Wang Lei)

The United States and China concluded their fifth round of annual Strategic and Economic Dialogue (S&ED) on Thursday.

U.S. Treasury Secretary Jack Lew, who co-chaired the dialogue, said in the closing session that the dialogue built on the agreements made by Chinese President Xi Jinping and his U.S. counterpart Barack Obama at a summit in California last month.

Lew highlighted progress made in discussions concerning economic cooperation, energy, finance and cyber issues.

China's Vice Premier Wang Yang, one of the two Chinese co- chairs of the dialogue, also noted progress made on investment and trade issues.

Wang said senior officials from both sides have familiarized with each other and deepened mutual understanding, adding the S&ED can become an important platform in building a new type of major power relationship between the two countries.