US. China make significant progress in talks

Although China had allowed its  currency to appreciate over the past year , Geithner is encouraging China to let the yuan appreciate faster, which critics have argued has been kept artificially low to benefit Chinese exporters. 

"We hope that China moves to allow the exchange rate to appreciate more rapidly and more broadly," he said.

U.S. and Chinese leaders said the intense talks had resulted a long list of agreements including China's pledge to bolster U.S. intellectual property protections. 

The U.S. business community welcomed the commitment.

"China's commitments have the potential to bolster the confidence of American investors and exporters," said Myron Brilliant, senior vice president at the U.S. Chamber of Commerce.

“During this time of significant economic and geopolitical change, it is essential that both governments engage candidly and at the highest levels to coordinate policy approaches and achieve progress on financial reform, trade and investment, strategic relations and energy security.”

The US-China Business Council (USCBC) also praised the results of the two-day summit.

“The US-China commercial relationship has gotten much bigger and much more important for both sides,” said USCBC President John Frisbie. “We need more engagement with China on the issues important to us, not less engagement, and today’s S&ED outcomes show why,” he said.

“Not every problem got resolved, but once again, steady and focused engagement with China proves to show results.” 

Both sides agreed they made "significant progress" and U.S. officials said the tone in the talks has changed dramatically in the past two years with China showing a greater willingness to negotiate and make concrete changes to its economic policies that have created tension.

"We are seeing very promising shifts in the direction of Chinese economic policy," Geithner said. 

Secretary of State Hillary Rodham Clinton said there would be continuing talks with China, with Vice President Joseph Biden heading to Beijing this summer. 

Clinton said there were a "dizzying array of issues" covered in the two days of meetings and "I felt very satisfied and that was not the case two years ago will see further progress full promise of partnership."

Chinese officials struck a similar tone saying that while progress was made it didn't mean there was agreement on every issue although there was increased understanding, trust and confidence that will add to the "bilateral relations in the future and deepen practical cooperation."

Clinton said officials discussed everything from human rights, foreign policy, national security and environmental issues, including climate change. talks.

This story was updated at 8:45 p.m.