According to a Ministry of Commerce readout, Chinese Vice Premier Liu He discussed U.S. economic and technology policy toward China with US Treasury Secretary Janet Yellen on Wednesday.

After three years of COVID-related travel limitations, the meeting in Zurich was the first time Yellen and Liu met in person.

China "hopes the U.S. side pays attention to the policies' impact on both sides," according to the readout (via CNBC).

The U.S. Department of Commerce's Bureau of Industry and Security announced in October broad limitations on U.S. companies and individuals working with Chinese partners on high-end semiconductors - a specialized industry that has relied on American and foreign instruments for advancement.

The restriction came after the Trump administration placed limitations on a number of Chinese businesses, including SMIC and Huawei.

Trump-era tariffs on China have also remained in place under the Biden administration.

Beijing responded to U.S. tech bans with its own tariffs, but filing a complaint with the World Trade Organization in December was its most significant response.

The Chinese government welcomed Yellen's arrival "at an appropriate time" this year, according to the statement.

Technology was not mentioned in a debrief from the U.S. Treasury Department, but rather macroeconomic and financial trends were discussed "during the candid, substantive, and constructive conversation," according to the Treasury.

According to the statement, Yellen "looks forward to traveling to China and to welcoming her counterparts to the United States in the near future."

Liu has led China's trade talks with the U. S. He is a vice premier and the chairman of the financial stability and development committee in China.

"To tame inflation, some countries have chosen the policy that will likely result in the hike-recession-recovery loop," Liu said in a speech this week at the World Economic Forum in Davos, Switzerland.

"We call for more attention to the negative spillover effect of major countries' rate hikes on the emerging markets and developing countries so as not to add to more debt or financial risks," he said.

China would focus more on luring foreign investment, according to Liu, who stated that "high-quality economic development must always be our goal." Liu also noted that real estate assistance policies have had positive results.

According to data from China's Ministry of Commerce, FDI into China increased by 8% in U.S. dollars last year. An announcement recognized significant increases in investment from South Korea, Germany, the U.K., and the EU as a whole, but left out the U.S.