Report: China could allow more access for foreign companies

A media reports suggest Beijing is scrapping its "Made in China" industrial policy criticized by the Trump administration in favor of one that allows greater access for foreign companies.

The Wall Street Journal said Wednesday that the revised plan would play down China's bid to dominate manufacturing, and allow more outside competition.

The U.S. and China are locked in a trade standoff, though President Donald Trump agreed this month to postpone more U.S. tariff hikes on Chinese goods for 90 days while negotiations continue. China's economy czar and U.S. trade envoys discussed plans for talks on a tariff battle, the government said Tuesday, indicating that negotiations are going ahead despite tension over the arrest of a Chinese tech executive.

The new program is expected to launch early next year.