Chinese President Xi Jinping opened the annual China-U.S. Strategic and Economic Dialogue on Wednesday by addressing the differences between their two countries.
Stressing that confrontation would be a disaster, Xi reiterated calls for a new-model relationship.
"China-U.S. confrontation, to the two countries and the world, would definitely be a disaster. Under these circumstances, we on both sides should look far into the distance, strengthen and persist on cooperation, and avoid confrontation."
The two-day talks in Beijing include discussions on China's currency, North Korea's nuclear program and China's maritime disputes with its neighbors.
Washington, which has been critical of Beijing's territorial claims, said it welcomes a peaceful emergence of China.
"Let me emphasize to you today, the U.S. does not seek to contain China. We welcome the emergence of a peaceful, stable, prosperous China."
But the two sides had clear differences on the establishment of the China-led Asia Infrastructure Investment Bank.
Washington views it as Beijing's attempt to dominate the Asian currency market.
This divide poses a problem to South Korea.
It received a Chinese invitation to join the bank upon President Xi's visit to Seoul last week.
With no clear answer given just yet, the matter is reportedly under discussion in South Korea as the U.S. opposes its key ally taking part in any China-led projects that could alter the political landscape in Northeast Asia.
Hwang Sung-hee, Arirang News.