Chinese and US officials agreed on "constructive" management of differences as the sixth Strategic and Economic Dialogue (S&ED) concluded on Thursday.

"The success of this round of talks reaffirms that the two countries have the ability and wisdom to manage their contradictions and differences," Chinese Vice Premier Wang Yang, one of the two Chinese co-chairs of the dialogue, said at the closing session.

Wang highlighted the economic dialogue that yielded over 90 items of agreement, laying the foundation for the meeting of the two presidents in November.

The two sides agreed to resolve core issues and major provisions of the Bilateral Investment Treaty (BIT) by the end of the year, and initiate negotiations on the "negative list", sectors and items barred to each other's investment, in early 2015.

The US promised to apply the same rules and standards when reviewing foreign investment projects, and to continue to review the procedure with China.

The two countries had constructive discussions on expanding WTO Information Technology Agreement (ITA) negotiations.

The US will encourage the export of civil high-technology products to China, and adjust its approval procedures for liquefied natural gas (LNG) exports.

China and US also agreed to reinforce cooperation in shadow banking, OTC derivatives, cross-border supervision and accounting standards, and the US promised to treat Chinese financial institutions as compliant.

US Treasury Secretary Jacob Lew, who co-chaired the dialogue, acknowledged the progress on a wide range of issues since the annual talks began in 2009.

"Today's S&ED commitments will further China's implementation of its reform agenda and will create new opportunities for both of our nations." Lew said.

STRATEGIC DIALOGUE

Chinese State Councilor Yang Jiechi, co-chair of the dialogue, said the two sides had agreed to step up cooperation in a wide range of areas including anti-terrorism, anti-corruption, customs, energy, security, environmental protection, technology, agriculture, health and regional issues.

Also calling the two-day dialogue "constructive," US Secretary of State John Kerry emphasized that China's success is in the interest of the US

"We seek a relationship that is not defined by strategic rivalry, but by practical cooperation on common challenges and constructive management of differences where our differences diverge." Kerry said.

Yang identified progress in building a reporting mechanism for each other's major military actions and negotiations over air and maritime security in international waters.

The climate change working group agreed on industrial boilers and forests as new areas of cooperation.

The Chinese side stressed "a constructive approach to differences and frictions," while reiterating its stance on Taiwan and Tibet.

Both countries agreed that a constructive China-US relationship is crucial to their Asia-Pacific policy, and promised to work towards a more peaceful, stable, and prosperous Asia-Pacific region.

China will protect its sovereignty and territorial integrity, and stressed its commitment to solving issues with directly concerned parties via dialogue and consultation.

Yang said China demands an objective and fair stance from the US in maintaining regional peace and stability.

In response to regional hot spots, Kerry said the US and China agreed on the importance of a denuclearized, stable and prosperous Korean Peninsular.

As for cyber security, Yang said the Chinese side holds that cyberspace should not be a tool to hurt the interests of other countries, and hopes the US will create conditions for Sino-US dialogue and cooperation in this area.

Kerry acknowledged the two countries had a frank exchange on cyber issues and agree it is important to continue discussions in this area.

Earlier on Thursday, the four co-chairs met Chinese and US entrepreneurs and emphasized the need for a more relaxed business climate.

Wang Yang said the Chinese and US economies are complementary and hold great potential for cooperation, urging the two sides to deal with trade disputes and optimize the investment environment.

Yang Jiechi said the building of a new model of major-country relations between China and the US needs support and the participation of business circles from both sides.

The US government welcomes Chinese investors and will treat suggestions by the business community seriously, said Lew.