AsianFin -- China on Wednesday described the framework agreement reached in Madrid to transition TikTok to U.S.-controlled ownership as a “win-win,” while noting it would review the app’s technology exports and intellectual property licensing, according to a state media editorial.

The development marks a significant step in resolving tensions around the short-video app, which has become a flashpoint in U.S.–China relations. Investors on both sides of the Pacific are now awaiting a scheduled call on Friday between U.S. President Donald Trump and Chinese President Xi Jinping, during which the deal is expected to be confirmed.

TikTok, owned by China’s ByteDance, has faced mounting scrutiny in Washington over data security and national security concerns. With 170 million U.S. users, the platform’s fate has become central to broader negotiations between the two economic superpowers.

Observers say progress on the TikTok issue could pave the way for further discussions in the coming months, as Washington and Beijing seek to move beyond their current tariff truce and explore new areas of cooperation.