WASHINGTON/BEIJING—U.S. Deputy Secretary of State Wendy Sherman will tell China in upcoming talks that while Washington welcomes competition, there needs to be a level playing field and guardrails to ensure ties do not veer into conflict, U.S. officials said on Saturday. The senior officials, briefing reporters ahead of Sherman’s talks in Tianjin with Chinese State Councilor and Foreign Minister Wang Yi on Monday, said the world’s two largest economies needed responsible ways to manage competition. “She’s going to underscore that we do not want that stiff and sustained competition to veer into conflict,” one senior U.S. administration official said ahead of the first high-ranking, face-to-face contact between Washington and Beijing in months as the two sides gauge how they can ease festering ties. “The U.S. wants to ensure that there are guardrails and parameters in place to responsibly manage the relationship,” he said. “Everyone needs to play by the same …