Games will be held in Shenzhen and Shanghai in October.
The news was first reported by Chinese outlet Lanxiong Sports.
"I'm very excited to have the team going there and play," Taylor said during halftime of Monday's Wolves-Mavericks game. "Knowing that we are going to play against the Warriors, it's going to be a lot of fun."
This will be the Timberwolves' first time playing in China.
Jiang Lizhang, founder of the Chinese marketing company Double-Edged Sports, became the NBA's first Chinese minority owner in the summer of 2016 when he purchased 5 percent of the Wolves and 5 percent of the Minnesota Lynx. At the 2016 Las Vegas Summer League, he told ESPN.com that he planned to work on bringing the Timberwolves to China.
The Warriors played against the Los Angeles Lakers in China for the 2013 Global Games. The Warriors weren't nearly as popular at the time, as many Chinese fans came out mostly to see Kobe Bryant.