BEIJING, China - China is now preparing to replace the Made in China 2025 policy with a campaign designed to allow the participation of foreign firms in the Chinese economy.
The past policy was criticized by U.S. President Donald Trump as protectionist. However, the new plan is to soften China's aim to establish dominance in the manufacturing arena.
This new plan may be launched in early 2019. After the report, U.S. stock futures jumped.
A dinner between Trump and Chinese `President Xi Jinping Xi earlier this month created some optimism about the trade talks after they both agreed to suspend new tariffs till 2019.
However, it's still vague whether the two countries will reach a productive deal with the long list of U.S. grievances against the economic policies of China, like intellectual property theft and the state support for certain sectors.
Multiple rounds of tariffs have been imposed by the White House on Chinese imported goods in 2018 to protect the business interests of the U.S. Trump has also been specifically targeting Beijing with tariffs due to the widening trade imbalance between the two countries.