China is preparing to replace its Made in China 2025 policy with a program designed to allow foreign companies greater participation in the Chinese economy, according to The Wall Street Journal.

The prior policy, long criticized by the Trump administration as protectionist, was intended by China President Xi Jinping to foster the country's high-tech industries. The new plan would soften China's goal of manufacturing dominance, people familiar with the matter told the Journal.

The new plan could be introduced early next year, the sources said, when Washington and Beijing are expected to hasten trade talks to end their prolonged trade dispute.

U.S. stock futures jumped after the report.