Washington, July 27 - Top US and Chinese officials Monday launched a 'Strategic and Economic Dialogue' here to address key issues ranging from their response to the global financial crisis, climate change and nuclear proliferation to threat from extremists.

President Barack Obama, Secretary of State Hillary Clinton, Secretary of Treasury Timothy Geithner, Chinese Vice Premier Wang Qishan and Chinese State Councilor Dai Bingguo each addressed the opening session of the two-day meeting.

'The relationship between the United States and China will shape the 21st century, which makes it as important as any bilateral relationship in the world. That reality must underpin our partnership. That is the responsibility we bear,' Obama said.

Noting that the United States and China are the world's two largest energy-consuming countries, Obama pushed for more cooperation from the Chinese government to help reduce carbon emissions.

'Let's be frank: neither of us profits from a growing dependence on foreign oil, nor can we spare our people from the ravages of climate change unless we cooperate. Common sense calls upon us to act,' he said.

Obama also acknowledged the sharp differences between the two countries on the issue of human rights, admitting that he has no 'illusions that the United States and China will agree on every issue.'

'All people should be free to speak their minds.