The US confirms that China has approved the TikTok transfer agreement.

US Treasury Secretary Scott Bessent announced on October 30 that China has approved a transfer agreement for the short -video app TikTok.

Speaking on Fox Business Network after the meeting between US President Donald Trump and Chinese President Xi Jinping, Bessent said that the TikTok deal had been finalized in Kuala Lumpur after receiving approval from China.

He also expressed his hope that the agreement would be implemented in the next few weeks to months to definitively resolve this issue.

In an earlier announcement that day, China's Ministry of Commerce stated that it would handle issues related to TikTok with the United States in a satisfactory manner.

According to the terms of the agreement disclosed so far by the White House, the application will be spun off into a new U.S. joint venture owned by a group of American investors, including Oracle and investment firm Silver Lake Partners.

The investment group will hold approximately 80% of the shares, while ByteDance, TikTok's parent company, is expected to have a 20% stake in the new entity. The new platform's executive board will be controlled by the American investors.

ByteDance will have a representative on the board of directors, but they will not be involved in security matters or committees related to that issue.

The announcement comes after months of back-and-forth negotiations between the U.S. and China regarding the TikTok app, its algorithm, and its operating parameters in the U.S. Last month, the U.S. government said China had agreed to a deal, but nothing had been finalized.

The US negotiations over ownership of TikTok stem from national security concerns.

During his first term, Trump raised concerns about TikTok and sought to ban the app. Former President Joe Biden then set a January 2025 deadline for reaching an agreement, otherwise the app would be shut down in the US.

Upon returning to office earlier this year, Trump stated that he wanted a deal and delayed the ban, keeping the app temporarily operational.

TikTok has a widespread influence in the United States. According to a report by the Pew Research Center, approximately 43% of adults under 30 in the US say they regularly receive news from TikTok, a higher percentage than any other social media app, such as YouTube, Facebook, and Instagram.

(VNA/Vietnam+)

Source: https://www.vietnamplus.vn/my-xac-nhan-trung-quoc-da-phe-duyet-thoa-thuan-chuyen-giao-tiktok-post1073941.vnp