Making a deal: US and Chinese officials came to an agreement after trade talks in Madrid over the weekend. — Reuters
BEIJING: China on Wednesday called the framework deal reached in Madrid to switch short-video app TikTok to U.S.-controlled ownership a "win-win" and said it would review TikTok's technology exports and intellectual property licensing, in a state media editorial.
Investors on both sides of the Pacific are now waiting for a call scheduled for Friday between U.S. President Donald Trump and Chinese President Xi Jinping in which the agreement should be confirmed.
Progress over the popular social media app - which counts 170 million U.S. users - is seen as key to facilitating further talks in the coming months as the world's two largest economies chart a path beyond their current tariff truce.
Reuters has reported that the deal, transferring TikTok's U.S. assets to U.S. owners from China's Bytedance, is similar to an agreement worked out earlier this year, but which was shelved after Trump announced steep tariffs on Chinese goods.
"China reached the relevant consensus with the United States on the TikTok issue because it is based on the principles of mutual respect, peaceful coexistence and win-win cooperation," the official People's Daily said in a commentary.
The article was signed "Zhong Sheng" or "Voice of China", a term the paper of the governing Communist Party uses to express views on foreign policy.
"China will review matters related to TikTok's technology exports and intellectual property licensing in accordance with the law," the commentary added.
After meeting with Chinese negotiators in Madrid earlier this week, U.S. Treasury Secretary Scott Bessent said a September 17 deadline that could have disrupted the app in the U.S. could be extended by 90 days to allow the deal to be finalised, without giving any further details. - Reuters
