WASHINGTON (BLOOMBERG) - China plans to give foreign companies greater access to its economy and is drafting a replacement of its plan to dominate major advanced technologies by 2025, the Wall Street Journal reported on Wednesday (Dec 12), citing sources briefed on the strategy.

Beijing's changes would come in response to pressure from US President Donald Trump, who launched a tit-for-tat tariff dispute with China this year aimed at balancing trade and giving American firms increased access to the world's second-largest economy.

The programme that Chinese officials called "Made in China 2025" was one of the main targets in Mr Trump's trade war.

Stocks rallied globally on the improved outlook for US-China trade, with futures on US equities extending gains after the WSJ story.