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, Reuters reported.
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, according to Reuters.
