The U.S. and China will hold their annual high-level talks on bilateral and global issues in Washington next week, the U.S. government announced Tuesday.

The fifth round of the U.S.-China Strategic and Economic Dialogue will open on Wednesday for a two-day run.

The U.S. will be represented by Secretary of State John Kerry and Secretary of the Treasury Jacob Lew, the Treasury said. Their Chinese counterparts will be State Councilor Yang Jiechi and Vice Premier Wang Yang.

The session comes about a month after U.S. President Barack Obama and Chinese President Xi Jingping met in California. The high-level dialogue between the two global powers was established in 2009. The two sides describe themselves as economic partners-cum-competitors.

The meeting "represents the highest-level bilateral forum to discuss a broad range of issues between the two nations," the Treasury said.

"The Dialogue is an essential step in advancing a positive, constructive, and comprehensive relationship between the two countries," it added.

The Treasury said it will soon detail agenda items for this year's session.

Last year's dialogue was held in China. (Yonhap News)