Chinese Vice Premier Wang Yang is co-chairing the talks alongside US Secretary of Commerce Penny Pritzker and US Trade Representative Michael Froman.
This year marks the 30th anniversary of the JCCT, an annual forum launched in 1983 for the two countries to address trade and investment issues.
Vice premier Wang Yang stressed the important role played by the JCCT in the past three decades.
"Since its establishment 30 years ago, the JCCT has witnessed soaring bilateral trade, which has totaled 500 billion U.S. dollars this year from 4 billion U.S. dollars in 1983. Bilateral investment has increased to 100 billion US dollars this year from 100 million US dollars in 1983."
According to officials from both countries, this year's talks are in an effort to address trade frictions and build a foundation for the new model of major-power relations between China and the US.
Chinese Vice premier Wang Yang.
"I hope we can have a successful meeting of this year's JCCT, explore new cooperation opportunities and shared interests, and remove barriers in our bilateral trade relationship. This will serve as a solid foundation for trade cooperation between the two countries in the coming year."
US Secretary of Commerce Penny Pritzker says the U.S.-China relationship is "entering in a moment of opportunity.
"And we should seize this moment by taking both short term and long term steps that show we will pursue a balanced and ever-growing trade and investment relationship. It is important that we make progress. It is critical to the prosperity of the people of both China and the United States."
She suggests the two sides move forward in areas such as intellectual property rights, services liberalization, government procurement, agricultural and other market access and regulatory issues.
For CRI, I'm Wu Yanping.