Xi urges fair treatment of Chinese firms as TikTok deal nears approval

In his call with US President Donald Trump, Chinese President Xi pressed Washington to avoid restrictive trade measures and safeguard the progress made in earlier talks to ease economic tensions

With the United States (US) and China having almost finalised the TikTok deal, Beijing has kept some conditions on the treatment of Chinese companies, including TikTok, in Washington.

 

According to a Bloomberg report, Chinese President Xi Jinping urged the US to provide a fair environment for Chinese companies, highlighting discord over export restrictions and other trade barriers.

Provide fair environment: China’s Xi

In his call with US President Donald Trump, Xi pressed Washington to avoid restrictive trade measures and safeguard the progress made in earlier talks to ease economic tensions. The Chinese leader stressed the need for a “fair and non-discriminatory business environment” for Chinese enterprises investing in the US, the report said.

 

Trump and Jinping on Friday held their first call in three months. However, they stopped short of a firm agreement on TikTok’s future. “I just completed a very productive call with President Xi of China. We made progress on many very important issues, including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal,” Trump wrote on Truth Social.

Trump to meet Xi next month

The two leaders are expected to meet in South Korea in late October on the sidelines of the Asia-Pacific Economic Cooperation (Apec) summit. “The call was a very good one, we will be speaking again by phone, appreciate the TikTok approval, and both look forward to meeting at Apec!” Trump added.

 

Trump also added that he plans to visit China early next year, and that President Xi would also come to the US at an appropriate time. 

TikTok's US assets will be transferred to American owners

If the deal is finalised, TikTok's US assets will be transferred from ByteDance to American owners, though details on ownership, algorithm control, and approval from both sides remain unresolved. 

 

On September 16, US Treasury Secretary Scott Bessent said that an agreement has been reached with China, according to a report by CNN. “President Trump played a role in this, we had a call with him last night, we had specific guidance from him we shared it with our Chinese counterparts. Without his leadership and the leverage he provides, we would not have been able to include the deal today,”  Bessent said.

Oracle is the front-runner

While the Trump administration did not name the US-backed buyer, the group is widely expected to be led by Oracle executive chairman Larry Ellison, who briefly surpassed Tesla Chief Elon Musk as the world’s richest person. Trump in January had said he would champion Ellison, a Trump supporter, buying the app’s US assets, CNN said.