The US raised concern over China's "malicious" cyber activity while Beijing raised trade restrictions imposed by Washington during a high-level virtual meeting between the two countries' top economic and trade officials.

Outgoing US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng held a virtual meeting on Monday.

Yellen "expressed serious concern about malicious cyber activity by PRC state-sponsored actors and its impact on the bilateral relationship," the Treasury Department said in a statement, referring to Beijing by its official name, People's Republic of China.

The two officials discussed economic developments, with Yellen raising concerns over China’s non-market policies and practices and industrial overcapacity.

Yellen "underscored the significant consequences that companies, including those in China, would face if they provide material support for Russia’s war against Ukraine," the department said, adding the virtual call was "candid, in-depth, and constructive."

He expressed concern over US economic and trade restrictions on China, in particular "clarifying China's position concerning the recent trade investigation initiated by the US side."

According to Beijing, the virtual call was "candid, in-depth, and constructive," and the two sides agreed on the importance of maintaining communication.