Chinese Vice Premier Wang Yang and U.S. Treasury Secretary Jacob Lew co-chair the opening ceremony of the Economic Track of the Sixth Round of China-U.S. Strategic and Economic Dialogue in Beijing, capital of China, July 9, 2014. (Xinhua/Li Tao)

Chinese Vice Premier Wang Yang said on Wednesday that China's reform needs to find a right pace.

"China's reform and opening-up needs to be fast when the time is right and slow when needed," Wang said at an annual China-U.S. dialogue.

The sixth round of China-U.S. Strategic and Economic Dialogue and the fifth round of High-Level Consultation on People-to-People Exchange started in Beijing on Wednesday. Wang and U.S. Treasury Secretary Jacob Lew hosted the economic dialogue.

"Economic partnership makes our cooperation more formidable, though bargaining and differences play a part in this process," Wang said, adding that dialogue is the way to manage differences.

"Despite our frequent disapproval of each other's plans, we have to compromise and cooperate, otherwise our interests will be damaged," the vice premier said.

Lew said President Obama and President Xi Jinping have made it clear that a strong U.S.-China economic relationship is their priority. The two countries have worked hard together to establish a close relationship based on frank communication and exchange.

Lew said the United States supports China's reform efforts. "Strong determination in implementation of Third Plenum reforms will help China achieve sustainable and balanced growth in the future," he said.