China will offer the Trump administration better market access for financial sector investments and US beef exports to help avert a trade war, according to Chinese and US officials involved in talks between the two governments.

Donald Trump, US president, and Xi Jinping, his Chinese counterpart, decided at their first meeting in Florida last week that they needed rushed trade negotiations to produce results within 100 days. The two concessions on finance and beef are relatively easy for Beijing to make.

At present, foreign investors cannot hold a majority stake in securities and insurance companies in China. Chinese companies such as Citic Securities and China Life Insurance have become so big in the 15 years since the world’s second-biggest economy joined the World Trade Organisation that it is difficult for new entrants to compete.