China’s vice-premier Wu Yi pledged to push ahead with “reform and opening up” of the economy at the opening session of the first US-China strategic economic dialogue in Beijing Thursday, even as she pushed back against US “misunderstanding” of China.

Ms Wu said China will “continue to deepen reform of the financial system” and “reform the price-forming mechanism” so that interest rates and exchange rates, among other prices, are “genuinely based on market supply and demand.”