China has said it would welcome a visit by Janet Yellen this year after the US Treasury secretary met vice-premier Liu He in Zurich, marking the first top level economic meeting between the powers since Joe Biden took office.

The meeting, which comes as US-China relations remain fraught over issues from Taiwan to trade and technology, was described by both sides as “candid”. In separate statements, both sides sought to ease concerns about a further deterioration in ties between the world’s two largest economies.

Chinese state-run news agency Xinhua said the two officials agreed in a three-hour meeting that their economic and trade teams would “continue to maintain communication at all levels” and that Beijing would welcome a visit from Yellen “at a suitable time this year”.