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"What we are achieving here is a tremendously valuable strategic dialogue on two of the world's largest economies," said Gutierrez, who attended the second meeting of Strategic Economic Dialogue which kicked off earlier Tuesday.

He played down the expectation for specific results from the SED, which he and other U.S. officials defined as a forum to manage the U.S.-China relationship on a long-term strategic basis.

"These are not negotiating sessions," he said. "This is not intended to walk out with specific short-term deliverables."

U.S. Trade Representative Susan Schwab also said the talks are candid, adding the high-level meeting is a "straightforward, mature" dialogue between the two countries.

The second meeting of the Strategic Economic Dialogue, co- chaired by Chinese Vice Premier Wu Yi and U.S. Treasury Secretary Henry Paulson, was designed to address outstanding issues in bilateral economic and trade relations.

Dozens of ministers from the two countries, including Gutierrez and Schwab, participated in the meeting.

China and the United States held their first strategic economic dialogue last December. The dialogue mechanism has already become an important platform for the two nations to discuss long-term strategic and economic issues.