Zhu Guangyao, vice-finance minister, said protection of intellectual property rights (IPR) is in China's own interests, and a prerequisite for China to build an innovative society.
He said The Comprehensive Framework for Promoting Strong, Sustainable, and Balanced Growth and Economic Cooperation will lead a joint effort to ensure strong, sustainable and balanced growth in both countries.
Wang especially noted the consensus on expanding cooperation in infrastructure programs as well as in clean energy, the green economy, and innovation.
China will also provide better protection for US companies against the piracy of computer software and other copyrighted materials.
Currency policy
Zhu said "China and the US agree to the general direction of China's currency reform,
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Meanwhile, China has promised to modify government rules to make it easier for US companies to compete for government contracts.
WASHINGTON - China and the United States announced a range of agreements on Tuesday aimed at expanding strategic and economic cooperation after two days of high-level meetings.
"It won't do if we only hear the sound of footsteps but see no one coming downstairs," he said,
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Washington also "agreed to ... speed up the process for the US to recognize China's market economy status", Wang said.
"China will continue the reform according to its own interests and its own development realities," Zhu said.
Ding Qingfen in Beijing contributed to this story.
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The US-China Business Council (USCBC) welcomed the move.
Range of deals signed to expand economic, strategic partnership
The US and the European Union have launched trade remedy cases against Chinese exports, taking advantage of the fact that China has yet to be recognized as a market economy.
"Eliminating the use of government-approved product lists for procurement ... will be significant, if fully implemented.
China has repeatedly urged the US to lift the ban on high-tech exports, which experts believe is the major source of China's trade surplus with the US.
He said the Chinese currency had appreciated at an annual rate of about 10 percent "when you take into account the fact that Chinese inflation is significantly faster than that in the US".
Clinton said: "As we have ... committed to keeping the relationship moving forward, we have some milestones ahead of us."
China has also expressed concerns over recognition of its market economy status.
China's commitment to "making long-term improvements in its high-level protection of intellectual property rights and enforcement regime ... will help protect US innovators as well as Chinese innovators in all industries, not just in software," Geithner said.
She told reporters that the dialogue was inclusive as the US had made its concerns known on a range of sensitive issues, including human rights.
"The two nations share common interests in IPR protection," Zhu said following the joint news briefing.
"Once again, steady and focused engagement with China proves to show results."
Trade and investment
Both countries pledged to take additional measures to promote free trade and investment, to help spur economic growth, create jobs and promote innovation and prosperity.
The world's two largest economies pledged to address each other's concerns and made progress in areas ranging from easing high-tech exports to China to increasing sales opportunities for US companies,
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"We are happy to see the positive developments,
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US Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner, who headed the US team, also attended the briefing.
"Outlining specific steps to remove market barriers in China's government procurement policies is one example of an outcome that is important for American companies," John Frisbie, USCBC president, said.
"We are seeing very promising shifts in the direction of Chinese economic policy," Geithner said in his address to the media, highlighting the fact that the yuan has risen by more than 5 percent against the dollar since June.
Zhu Guangyao said the most important thing now is to translate words into action.
Following China's repeated requests,
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