China and the United States have reached a basic framework consensus on properly resolving TikTok-related issues, reducing investment barriers, and promoting relevant economic and trade cooperation after two days of talks in Madrid, Spain.
However, Beijing has made it clear that it will not pursue any deal that compromises China's core principles, the interests of Chinese companies, or international fairness and justice.
Top negotiators from Beijing and Washington, led respectively by Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent, conducted"candid, in-depth and constructive" communication on economic and trade issues of common concern starting on Sunday.
Vice-Premier He said that China hopes the US will work together with it to quickly remove the relevant restrictive measures against China, take concrete actions to jointly safeguard the hard-won achievements of the trade talks, and create a good atmosphere for the stable and sustained development of Sino-US economic and trade relations.
Addressing a news briefing on Monday, Li Chenggang, China's international trade representative with the Ministry of Commerce, said the two sides"reached a preliminary framework consensus on properly resolving TikTok-related issues through cooperation, scaling back investment barriers, and promoting relevant economic and trade cooperation."
Li, who is also vice-minister of commerce, emphasized that China will"under no circumstances seek any agreement at the expense of its principled stance, the interests of its enterprises, or international fairness and justice". The Chinese government fully respects the will of enterprises and supports them in conducting equal business negotiations on the basis of market principles, he added.
Wang Jingtao, deputy director of the Cyberspace Administration of China, said the Chinese government will review and approve matters related to TikTok's technology exports, the licensing of its usage rights, and other issues in accordance with the law.
"China hopes that the US will, pursuant to the consensus reached between the two sides, provide a nondiscriminatory economic and trade environment for Chinese enterprises operating in the US, including TikTok," he said.
Wang Wen, dean of Renmin University of China's Chongyang Institute for Financial Studies, said,"Any successful negotiation requires mutual effort and, fundamentally, mutual respect."
He pointed out that the US pursues a contradictory strategy."The world is watching. So are the markets. Washington can choose the path of respectful engagement and shared gains with Beijing, or it can continue down the dead end of unilateral pressure and bear the consequences," Wang Wen added.
Chen Wenling, former chief economist at the China Center for International Economic Exchanges, said that by choosing to talk regularly and in detail, Beijing and Washington are sending a clear signal that they understand that a total breakdown in economic ties is a risk neither can afford.
