China is preparing to renegotiate with the U.S. in the hopes of finally closing a trade deal.

Sources claiming to be government official advisers said that with Donald Trump's election defeat China is now ready to go back to the negotiating table.

Joe Biden's victory has encouraged China officials to try and find a more peaceful way of ending the yearlong trade war.

Under Trump, it took months of negotiations and 18 months of tit-for-tat sanctions before the phase-one trade deal was hammered out.

China officials still believe that the phase-one trade deal was "twisted" by the Trump administration to be in its favor. Under the deal, China was asked to agree to buy up to $200 billion worth of U.S. goods. Officials have repeatedly argued that such a condition was too "unrealistic."

Sources within the China government said that officials saw Biden as a more "rational and multilaterally minded" president that may agree to some changes to the current trade deal. However, former U.S. officials have said that Biden was unlikely to give China a "softer" deal if he were to replace Trump.

China State Council adviser, Shi Yinhong, said in an interview that the country is aiming to slightly lower import targets stipulated in the current deal. It also aims to reduce tariffs on several imports to the U.S.

"Biden will sooner or later launch a renegotiation of the trade deal, as the current deal is unrealistic. A renegotiation is also in line with China's wishes," Shi said in an interview.

Shi warned that while Biden may be open to negotiating with China, his administration will likely be taking a tougher stance on several other issues. These will include alleged human rights violations, Chinese intelligence activities in the U.S., the dispute in the South China Sea.

Political experts have said that China may be willing to concede to some issues as a bargaining chip for a more favorable trade deal. This will include new commitments to IP protections of U.S. companies and further economic opening measures.