WASHINGTON - Chinese Vice Premier Wang Qishan said on Monday that China and the United States share a lot of common interests and the bilateral ties are important to the world.

Addressing the opening session of the third round of China-US Strategic and Economic Dialogue (S&ED) in Washington, Wang said Chinese President Hu Jintao attaches great importance to the S &EDs.

"He (President Hu) hopes that both the Chinese and US sides will make the most of this round of dialogues to have in-depth exchange of views on ways to further enhance strategic mutual trust and deepen practical cooperation."

"He (President Hu) looks forward to the implementation of the agreement he reached with President Obama and the advancement of the China-US cooperative partnership based on mutual respect and mutual benefit."

Echoing Wang's remarks, Treasure Secretary Timothy Geithner said both nations' ability to work together is crucial to "the overall health and stability of the global economy," Geithner said.

The first round of China-US S&ED was held in Washington in July in 2009, while the second round was held in Beijing in May, 2010.

When the first round of China-US S&ED was launched, "the world economy was in the grip of the worst financial crisis since the Great Depression," said Geithner.

"Today, thanks in no small part to the actions of the United States and China, we have put out the worst of the financial fires and the world economy is growing again," Geithner said.

Also addressing the opening session of the dialogue, US Secretary of State Hillary Clinton said the United States does not see China's growth as a threat and wants to seek greater trust to work together with China on global issues.

Clinton said both sides have much to gain from cooperation than conflict.

The two-day high level dialogue was upgraded from former Strategic Dialogue and Strategic Economic Dialogue, which were initiated by the two heads of state in 2005 and 2006, respectively.

Both sides are expected to exchange opinions on overall, strategic and long-standing issues in the development of China-US relations, as well as international and regional issues of common concern, in order to enhance understanding, strengthen mutual trust and step up cooperation.