In her address Ms Pelosi said she wanted to increase parliamentary exchanges with Taiwan, adding that she considered it a great honour to be referred to as a "Good friend of Taiwan".

"We come in friendship. We thank you for your leadership. We want the world to recognise that," Ms Pelosi said.

She described her visit as having three purposes: "One is security, security for our people, global security, two is economics, to spread as much prosperity as possible, and three is governments."

Ms Pelosi said a US bill on computer chips — which would see big US investment in domestic semiconductor manufacturing and science research — was a good opportunity for more cooperation with Taiwan.

The US Speaker also commended Taiwan for its management of the COVID-19 pandemic.

She ended her speech by saying she was looking forward to learning from Taiwan and offering suggestions on topics such as climate change and health.

As the meeting took place, China's Foreign Ministry summoned the US ambassador to Beijing, Nicholas Burns, to protest against Ms Pelosi's visit to Taiwan.

The Chinese Vice Foreign Minister, Xie Feng, described the nature of Nancy Pelosi's visit as "Vicious", vowing swift and severe consequences.

He warned that China would not sit idly by after previous warnings issued by Beijing prior to Ms Pelosi touching down in Taipei.

The US said the visit does not threaten China's sovereignty, nor mark a change in its One-China policy.

Ms Pelosi is the highest-ranking US official to visit Taiwan in 25 years.

Ms Pelosi trip comes amid deepening tensions between Washington and Beijing.

Sources | ABC / Wires