Both sides said it was important for the two countries to strengthen communication and coordination on macroeconomic policies, according to the readout.

China also expressed its concerns over US tariffs and the fair treatment of Chinese companies, said the readout.

Liu, who has led China’s negotiations in Sino-US trade talks since former US president Donald Trump embarked on a trade war with Beijing, has held talks with both Yellen and US trade representative Katherine Tai earlier this year.

Increased engagement between the trade and economic chiefs of the world’s largest economies since Joe Biden became US president in January comes even as the US administration criticises Beijing on human rights abuses and seeks to rally other rich nations to form a united front against China.

Earlier in October, Tai pledged to exclude some Chinese imports from tariffs while pressing Beijing over its failure to keep some promises made in a “Phase 1” trade deal made under the Trump administration.