ROUGH CUT - NO REPORTER NARRATION<br/> <br />STORY: High-level U.S.-China security and economic talks in Washington began on Wednesday giving the United States and China an opportunity to discuss strategies for economic reform.<br/> <br />Both countries are fielding cabinet-level leaders at the annual Strategic & Economic Dialogue (S&ED) in Washington for two days.<br/> <br />U.S. Secretary of State John Kerry and Treasury Secretary Jack Lew are hosting Chinese State Councilor Yang Jiechi and Vice Premier Wang Yang - representatives of a new leadership lineup installed in Beijing in March under President Xi Jinping.<br/> <br />Vice President Joe Biden said he hoped the talks would help to build a new understanding between the two nations.<br/> <br />"The stakes are very high because it's fair to say that the dynamic that emerges between our nations will effect not just our peoples, but quite frankly have a significant impact on the entire world."<br/> <br />Secretary Kerry said the meetings were an opportunity to
