China, US reach consensus on resolving TikTok issue

China's Commerce Ministry acknowledged Beijing and Washington have reached a basic consensus on how to manage TikTok's ownership status in the US.

It is the first time the Chinese government has confirmed that Chinese and US trade teams reached a basic consensus on how to address the TikTok issue.

The Chinese Commerce Ministry said "Beijing hopes the recently announced deal for TikTok to form a US joint venture will balance the interests of both sides and comply with Chinese regulations."

The ministry added Beijing "hopes the companies can reach a solution that complies with Chinese laws and regulations and balances their interests."

Last week, TikTok signed agreements with three major investors, Oracle, Silver Lake and MGX, to form a new TikTok US joint venture, ensuring the popular social video platforms can continue to operate in the United States.