China plans to give foreign companies greater access to its economy and is drafting a replacement of its plan to dominate advanced technologies by 2025, the Wall Street Journal reported Wednesday, citing sources briefed on the strategy.
Beijing's changes might be seen by some as a response to pressure from U.S. President Donald Trump, who launched a tit-for-tat tariff dispute with China this year aimed at balancing trade and giving American firms increased access to the world's second-largest economy. The program that Chinese officials call "Made in China 2025" has been one of the main targets in Trump's trade war.
Stocks rallied globally on the improved outlook for U.S.-China trade, with U.S. equities extending gains after the WSJ story.