There is a need to recognize that close cooperation between the United States and China is critical to the health of the global economy, U.S. Secretary of Treasury Timothy Geithner said Monday. Geithner made the remarks at the opening ceremony of the first round of China-U.S. Strategic and Economic Dialogue. 'The Strategic and Economic Dialogue breaks new ground by bringing together our most senior officials across the full range of economic, diplomatic, and strategic responsibilities,' he told more than 100 Chinese and U.S. senior officials at the ceremony in Ronald Reagan Building in Washington, D.C.. 'The breadth of this dialogue recognizes that many of the central issues of our time -- ranging from meeting the challenge of sustaining global growth at addressing climate change -- requires sustained political commitment and unprecedented cooperation,' Geithner said. Different from the previous strategic economic dialogue between the two countries, the China-U.S. Strategic and Economic Dialogue, established earlier this year by U.S. President Barack Obama's government and the Chinese government, includes two tracks. From July 27 to 28, the 'Strategic Track' of the dialogue will be co-chaired by Chinese State Councilor Dai Bingguo and U.S. Secretary of State Hillary Clinton, while Chinese Vice Premier Wang Qishan and Geithner will co-chair the 'Economic Track.' 'We meet at a moment of opportunity in reshaping the global economic architecture to address today's challenges and reflect today's realities,' Geithner said. On the U.S. side, the secretary said his government has taken steps to repair its financial system and strengthen financial regulation, while China has clearly states its intention to shift towards domestic demand-led growth and spur the growth of household consumption. 'China's success in shifting the structure of the economy towards domestic-led growth, including a greater role for spending by China's citizens, can be a huge contribution to more rapid, balanced, and sustained global growth,' he said. Geithner said the United States will work with China and other partners of emerging markets to ensure their full engagement and representation in the design of key multilateral agreements and groupings, so as to 'chart a course of more balanced and sustainable global growth into the future.' 