China offers to buy more US semiconductors to cut trade surplus

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 U.S., CNBC confirmed on Monday.

To avert a looming trade war with the U.S., Chinese officials are also rushing to finalize new regulations by May that will allow foreign financial groups to take majority stakes in its securities firms.