Chinese officials are rushing to finalise new regulations by May that will allow foreign financial groups to take majority stakes in securities companies as they seek to avert a trade war with the US.
According to people briefed on the talks, Beijing has also offered to buy more semiconductors from the US by diverting some purchases from South Korean and Taiwanese manufacturers, to try to help reduce an annual $375bn merchandise trade surplus with the US.
Last week US president Donald Trump threatened to impose tariffs of up to 25 per cent on $60bn of Chinese industrial exports, for allegedly “forcing” foreign companies to transfer technology and other intellectual property in mandated joint ventures.
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