US Commerce Secretary Gina Raimondo began talks with Chinese officials on Monday in an effort to boost business ties between the two major powers.

Raimondo said that it was "profoundly important" for China and the US to have a stable economic relationship.

The US commerce secretary is holding three days of talks with Chinese political and business leaders and is set to meet with Commerce Minister Wang Wentao for two hours later on Monday.

US firms have reported increasing challenges with operating in China since the US moved to block Chinese access to advanced semiconductors.

US-China relationship 'challenging'
"It's a challenging relationship. We will of course disagree on certain issues," Raimondo said. "I think we can make progress if we are direct, open and practical."

"It is profoundly important that we have a stable economic relationship," she said.

However, Raimondo ruled out compromising on restrictions on semiconductor exports.

"Of course, on matters of national security, there is no room to compromise or negotiate," she said.

She said that Washington was seeking "actionable, concrete steps" to move forward with China, adding that the "challenges are significant."