China steps up effort to avert US trade war – FT

The Financial Times (FT) quoted people familiar with the discussions, citing that China is trying hard to boost efforts in trade negotiations with the US to avert a trade war.

Key Points:

China to finalize rules on greater foreign ownership of securities firms by May.

Offered to buy more semiconductors from the US.

That means they will divert some purchases from South Korea and Taiwan.

The discussions to avert a tit-for-tat trade war are being led by Liu He, China’s vice- premier and President Xi Jinping’s most trusted economic adviser, and US Treasury secretary Steven Mnuchin.