China has offered to buy more semiconductors from the United States by diverting some purchases from South Korea and Taiwan, to help cut China’s trade surplus with the US, Financial Times reported on Monday, citing unidentified sources.

To avert a looming trade war with the US, Chinese officials are also rushing to finalise new regulations by May that will allow foreign financial groups to take majority stakes in its securities firms, Financial Times said, citing people briefed on the discussions.