The world's two largest economies are now each other's second-largest trading partners. In 1983, when the talks were launched, bilateral trade was less than $5 billion. It is now approaching $500 billion.
Acting US Secretary of Commerce Rebecca Blank agreed that relations have never been more important, especially after November's leadership transition.
"We are entering a unique moment in which we can work together to ensure the long-term and short-term goals of our relationship," she said.
US Trade Representative Ron Kirk, who is expected to leave the Obama administration in January, praised Wang for his leadership and devotion to better trade relations.
"Our presence demonstrates that our two countries can work hard to resolve trade and investment issues through engagement and dialogue at the highest level," he said.
But real success will be achieved by delivering tangible results, he said.
Minister of Commerce Chen Deming described the talks as "achieving positive results".
He pledged China will step up the IPR law enforcement, including the software used by State-owned enterprises, banks and government entities.
He said both countries have pledged to fight protectionism.
Beijing-Zhengzhou high-speed railway to start service on Dec. 26
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