China offers concessions to avert trade war with US

China will offer the Trump administration better market access for financial sector investments and US beef exports to help avert a trade war, the Financial Times reported on Sunday, citing officials familiar with the matter.

China is prepared to raise the investment ceiling in the Bilateral Investment treaty and is also willing to end the ban on US beef imports, the newspaper also reported. "China was prepared to (raise the investment ceilings) in the BIT but those negotiations were put on hold (after Trump's election victory)," the Financial Times also reported citing a Chinese official involved in the talks.

US Commerce Secretary Wilbur Ross said on Friday that President Donald Trump and Chinese President Xi Jinping have agreed to a new 100-day plan for trade talks on Friday. "Given the range of issues and the magnitude, that may be ambitious, but it's a very big sea change in the pace of discussion," Ross told reporters after the meeting, according to Reuters.

"I think that's a very important symbolization of the growing rapport between the two countries," he added.

The US trade department was not immediately available for comment while the China's ministry of commerce could not be reached for comment.