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☆ Who could buy TikTok?
▼ + stars: | 2024-04-25 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

Still, the company is under such close scrutiny that it would be a poor candidate to buy TikTok, experts say. If you were to tell me it’s Verizon, or AT&T, maybe it’s not as big of a problem.”Jasmine Enberg, principal analyst at Emarketer, highlighted a paradox: Only the largest, most dominant tech giants may have the resources to buy TikTok. Microsoft had been one of the handful of contenders to buy TikTok in 2020 when President Donald Trump first pushed for a sale. A former Trump Cabinet official enters the frayIn a move that caught many by surprise, former Trump Treasury Secretary Steven Mnuchin announced last month that he is putting together a team of investors to buy TikTok. As with Mnuchin, O’Leary has said a potential acquisition of TikTok may have to exclude TikTok’s algorithm.

Persons: Joe Biden, There’s, ”, Gene Kimmelman, Jasmine Enberg, ” Enberg, TikTok’s, Donald Trump, TikTok, Steven Mnuchin, Mnuchin, ” Oregon Democratic Sen, Ron Wyden, Trump, who’ve, Kevin O’Leary, O’Leary Organizations: CNN, Facebook, Google, Meta, Federal Trade Commission, FTC, Department, YouTube, Microsoft, Intel, Cisco, Verizon, Emarketer, Activision Blizzard, Walmart, Oracle, Project Texas, Texas, Trump Cabinet, Trump Treasury, Trump, ” Oregon Democratic, Washington Post, O’Leary Ventures Locations: United States, TikTok, ” Oregon

☆ Banning TikTok would hit China’s tech ambitions and deepen the global digital divide
▼ + stars: | 2024-04-24 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Not only would that deal another huge blow to China’s tech ambitions, it would further deepen the divide between two digital worlds centered around the rival economic superpowers. Congress on Tuesday approved legislation that could compel ByteDance to sell TikTok or face a national ban. That leaves few options for ByteDance to secure the future of TikTok in the US, its biggest market with 170 million users. “This includes everything from who owns and operates data centers, to space-based internet satellites, to undersea cables and, of course semiconductors.”In that sense, the TikTok ban has its silver lining for Beijing. Growing challenges for Chinese appsThe TikTok legislation was included in a wide-ranging foreign aid package meant to support Israel, Ukraine and Taiwan.

Persons: Hong Kong CNN —, ByteDance, Joe Biden, TikTok, “, ”, Alex Capri, Richard Windsor, Capri, Biden, Paul Triolo, ” Triolo, Wang Wenbin, CNN’s Marc Stewart, Triolo doesn’t, — CNN’s Wayne Chang, Marc Stewart Organizations: Hong Kong CNN, Foundation, National University of Singapore’s Business, YouTube, Google, Radio Free Mobile, TikTok, Technology, Albright, Commerce Department, Commerce, China’s, Foreign Ministry, Facebook, Apple Locations: China, Hong Kong, America, Beijing, Capri, “, Asia, Israel, Ukraine, Taiwan, Silicon Valley, American, Bytedance, “ Beijing

Hong Kong/Beijing CNN —China has described a potential TikTok ban as “an act of bullying” that would backfire on America. Cybersecurity experts say that the national security concerns surrounding TikTok remain a hypothetical — albeit troubling — scenario. US officials have not publicly presented evidence that the Chinese government has accessed the user data of US TikTok users, an outcome that lawmakers say their bill is intended to prevent. In recent comments to reporters, Wisconsin Republican Rep. Mike Gallagher, who chairs a House select committee on China, rejected characterizations of the bill as a TikTok ban. “It puts the choice squarely in the hands of TikTok to sever their relationship with the Chinese Communist Party.

Persons: ByteDance, ” Wang Wenbin, Wang, ”, Mike Gallagher, “ It’s, TikTok, “, Tiktok Organizations: Beijing CNN, CNN Wednesday, Senate, Wisconsin Republican, Chinese Communist Party, Weibo Locations: Hong Kong, Beijing, China, America, American, tatters

☆ China vows to help its EV champions succeed overseas despite threats of sanctions
▼ + stars: | 2024-02-07 | by ( Laura He | ) edition.cnn.com time to read: +3 min

On Wednesday, China’s Commerce Ministry posted a document signed late last year by nine government agencies, including the Foreign Ministry and the central bank, vowing to support Chinese EV makers with their globalization push. It also encouraged Chinese EV companies to cooperate with foreign manufacturers in technology and build supply chains that can benefit everyone. Chinese EV makers are taking the world by storm, even if they are largely locked out of key markets like the United States. Chinese EV makers are seeking alternative growth engines overseas because the picture is gloomy at home. The flood of cheaper Chinese vehicles has triggered trade tensions with some countries.

Persons: “, Biden Organizations: Hong Kong CNN, China’s Commerce, Foreign Ministry, Chinese EV, Getty, EV, China Association of Auto Manufacturers, European Commission, Wall Street Locations: China, Hong Kong, Europe, United States, Chinese, China's Shandong, Australia, Southeast Asia, Japan, Shenzhen, Hungary

☆ Chinese stocks are having their worst start to a year since 2016
▼ + stars: | 2024-01-22 | by ( Anna Cooban | Laura He | ) edition.cnn.com time to read: +5 min

The Shenzhen Component Index, a tech-heavy benchmark, had its worst day in nearly two years, plunging 3.5%. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015. The country’s economy grew by 5.2% last year. That beat government projections but is still one of China’s worst economic performances in over three decades. The International Monetary Fund forecasts the country’s economic growth to slow to 4.2% this year.

Persons: Ken Cheung, ”, Europe’s, Premier Li Qiang, Brian Martin, Daniel Hynes, Li, “, ” Stephen Innes, managing Organizations: Hong Kong CNN, Shenzhen Component, Mizuho Bank, CSI, Nikkei, Premier, Economic, ANZ Research, Monetary Fund, China’s Commerce Ministry, Investors Locations: Hong Kong, Beijing, Shanghai, Shenzhen, China, United States

☆ China Tightens Its Chokehold on Graphite Needed for EV Batteries
▼ + stars: | 2023-10-20 | by ( Wenxin Fan | Sha Hua | ) www.wsj.com time to read: 1 min

Graphite has uses in strategic markets ranging from energy storage to nuclear power. Photo: FABIAN BIMMER/REUTERSHONG KONG—China is strengthening restrictions on exports of graphite, a key mineral needed for the production of electric-vehicle batteries and fuel cells, the latest move in an intensifying global tussle over the building blocks of critical technologies. Citing national-security concerns, China’s Commerce Ministry said Friday that exports of several categories of natural and synthetic graphite materials would require permits under a system used to control trade in items with dual civilian and military uses starting Dec. 1.

Persons: FABIAN BIMMER Organizations: REUTERS, China’s Commerce Locations: REUTERS HONG KONG — China

Tokyo CNN —China has formally arrested a Japanese man who was detained in March, according to officials from Japan’s Ministry of Foreign Affairs (MOFA) and the Japanese Embassy in Beijing. The arrest of the Japanese national, who was reportedly an employee of a Tokyo-based pharmaceutical firm, could further rattle foreign businesses in China, which have reported feeling more unsettled this year amid a crackdown on international consulting firms on national security grounds. According to Japanese public broadcaster NHK, the man was an employee of drugmaker Astellas Pharma and was detained in March by Chinese security authorities in Beijing on suspicion of violating the country’s criminal law and anti-espionage law. In May, state security authorities said they had raided several offices of Capvision, an advisory network. The issue has been cited as headache for foreign businesses, some of which were already having trouble convincing workers to relocate to China.

Persons: Hirokazu Matsuno, Japan’s MOFA, Mao Ning, “, ”, Weeks, Bain, — CNN’s Michelle Toh, Sophie Jeong, Mengchen Zhang Organizations: Tokyo CNN, Japan’s Ministry of Foreign Affairs, Embassy, NHK, drugmaker, Pharma, CNN, Foreign Ministry, Ministry of State Security, Mintz Group, American Chamber of Commerce, China’s Commerce Ministry, State Administration of Foreign Exchange Locations: China, Tokyo, Beijing, MOFA, Shanghai, Hong Kong

BEIJING (AP) — China vigorously protested Wednesday the U.S. Commerce Department’s latest update of export controls to prevent exports to China of advanced computer chips and the equipment to make them. The updates also introduce new requirements that make it harder for China to manufacture advanced chips in other countries. The list of manufacturing equipment that falls under the export controls also was expanded, among other changes. In an August meeting, Raimondo and her Chinese counterparts agreed to exchange information about the export controls. The two leaders met last year following the Group of 20 summit in Bali, Indonesia, shortly after the export controls were announced.

Persons: “, Gina Raimondo, ”, Raimondo, Joe Biden, Xi Jinping Organizations: BEIJING, U.S . Commerce, China’s Commerce Ministry, Chinese Commerce Ministry, . Commerce, Economic Cooperation Locations: China, Washington, U.S, Beijing, Macao, Asia, San Francisco, Bali , Indonesia

Hong Kong/Taipei CNN —China and the European Union have agreed to exchange information on export controls as part of efforts to dial down tension over trade imbalances and geopolitical issues. I am glad that we made progress in addressing some market access issues,” Valdis Dombrovskis said in a statement. Hours before meeting He on Monday, Dombrovskis said China’s trade practices have forced the European Union to become more assertive in its dealings with the world’s second largest economy. China recently slapped export curbs on two semiconductor materials in a warning shot to Europe and the United States, after they imposed restrictions on China’s access to advanced chipmaking equipment. Moscow has become increasingly dependent on Beijing since its full-scale invasion of Ukraine in 2022, with trade between Russia and China soaring this year.

Persons: rebalancing, ” Valdis Dombrovskis, Dombrovskis, ”, ” Jorge Toledo, it’s, ” Dombrovskis, — Laura Organizations: Taipei CNN —, European Union, European Commission, EU, Union, Tsinghua University, China, Reuters Locations: China, Hong Kong, Taipei, Taipei CNN — China, Beijing, ”, EU, Europe, United States, Ukraine, Moscow, Russia

☆ EU trade chief promises more 'assertive' approach to China as deficit soars
▼ + stars: | 2023-09-25 | by ( Laura He | ) edition.cnn.com time to read: +4 min

And we will be more assertive in tackling unfairness.”The trade chief’s visit comes as tensions flare between the bloc and China over trade imbalances and geopolitical issues. The bloc’s trade deficit with China hit 396 billion euros ($421 billion) last year, which was “the highest in the history of mankind,” Jorge Toledo, the EU ambassador to China, was quoted by Reuters as saying. Dombrovskis said China’s new foreign relations law and its newly broadened counter-espionage law, in particular, were of “great concern” to European business. Two months later, it unveiled a sweeping foreign relations law enshrining its right to impose “countermeasures” against actions that it deems a threat. Russia has become increasingly dependent on China since the Kremlin ordered the full-scale invasion of Ukraine in February 2022.

Persons: Hong Kong CNN —, Valdis Dombrovskis, “, ” Dombrovskis, ” Jorge Toledo, Dombrovskis, ”, enshrining, Vladimir Putin, — Lucas Liliholm, Manveena Suri Organizations: Hong Kong CNN, Union, Tsinghua University, EU, China, Reuters, European Union, West, EU Chamber of Commerce, Kremlin Locations: China, Hong Kong, Beijing, Europe, EU, United States, Ukraine, Russia

☆ China's gallium, germanium exports drop to zero as tech war simmers
▼ + stars: | 2023-09-21 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s exports of two rare minerals essential for manufacturing semiconductors fell to zero in August, a month after Beijing imposed curbs on sales overseas, citing national security. In July, the country exported 5.15 metric tons of forged gallium products and 8.1 metric tons of forged germanium products. The curbs are indicative of China’s apparent willingness to retaliate against US export controls, despite concerns about economic growth, as a tech war simmers. Prices for gallium have fallen in China, as export controls caused inventories to pile up. The model is powered by an advanced chip, which was created despite US sanctions intended to cut the Chinese tech giant off from such technology.

Persons: Biden Organizations: Hong Kong CNN —, Eurasia Group, China's Zhejiang University, China's Zhejiang University Hangzhou International Science, Innovation, Publishing, Shanghai Metal, Micron, Huawei, Semiconductor Manufacturing International Corp, Jefferies, China Locations: China, Hong Kong, Beijing, China's Zhejiang University Hangzhou, Shanghai, United States, Japan, Netherlands, Washington

☆ China's PBOC woos foreign businesses as economic challenges grow
▼ + stars: | 2023-09-19 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The symposium was intended to “increase financial support to help stabilize foreign trade and foreign investment” and improve the “investment environment” for foreign business, the statement said. In the first eight months of this year, foreign direct investment into China fell 5.1% from a year ago, according to data released by China’s commerce ministry on Sunday. A separate measure for foreign investment painted a grimmer picture. Companies that attended PBOC’s meeting called on Beijing to improve its business environment, its statement added. “[We] will continue to optimize policy arrangements, create a market-oriented, legal and international first-class business environment,” Pan told the companies.

Persons: Gongsheng, JP Morgan, Tesla, Gina Raimondo, ”, ” Pan Organizations: Hong Kong CNN, People’s Bank of China, HSBC, Deutsche Bank, DB, BNP, Japan’s, Bank, BASF, Schneider, State Administration of Foreign Exchange, SAFE, American Chamber of Commerce, US, Companies Locations: China, Hong Kong, Shanghai, Southeast Asia, Beijing

President Biden had bet that high-level dialogue could help manage an escalating rivalry over trade, technology and the status of Taiwan. After logging all those miles, the question now is whether China will reciprocate by sending senior Chinese ministers to Washington. The United States has publicly invited China’s foreign minister, Wang Yi, but he has yet to accept. The last senior Chinese official to travel to Washington was China’s commerce minister, Wang Wentao, who visited in late May. China has much to gain from dispatching officials to the United States.

Persons: Gina Raimondo, Biden, Antony J, Blinken, Janet L, John Kerry, Wang Yi, Wang Wentao, China’s, Xi Jinping Organizations: Taiwan, United Locations: China, Beijing, Washington, United States, San Francisco

☆ US Commerce Secretary Gina Raimondo urges American businesses to keep investing in China (Analysis)
▼ + stars: | 2023-08-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —US Commerce Secretary Gina Raimondo urged American businesses to keep investing in China on Wednesday, even after saying some US firms had called the world’s second biggest economy “uninvestable.”Speaking at an American Chamber of Commerce event in Shanghai, the secretary encouraged companies to continue expanding in the country. “The message is to continue to do what you’re doing,” Raimondo told executives. Eric Zheng, president of AmCham Shanghai, told CNN after Raimondo’s appearance that he had not been hearing the term “uninvestable” from businesses on the ground. “In order to be globally competitive, they have to be in this market despite all the challenges.”Warm wordsRaimondo is the first US commerce secretary to visit China in five years. Andy Wong/APThe issue highlights the tightrope the commerce secretary is walking.

Persons: Gina Raimondo, ” Raimondo, Raimondo, Aly Song, ”, Wang Wenbin, Li Qiang, Antony Blinken, Janet Yellen, John Kerry, Eric Zheng, Andy Wong, Wang Wentao, Lifeng, Yellen, Foreign busineses, Chen Jining, Nazak Nikakhtar, Trump, Zheng, “, —, Jadyn Sham, Alex Stambaugh Organizations: Hong Kong CNN — US, American, of, Reuters, Shanghai, Biden, CNN, Covid, US Commerce Department, US Department of Commerce, Foreign, Department, Department of Commerce Locations: Hong Kong, China, Shanghai, Beijing, United States, decouple, “

The United States and China on Monday agreed to hold regular conversations about commercial issues and restrictions on access to advanced technology, the latest step this summer toward reducing tensions between the world’s two largest economies. The announcement came during a visit to Beijing by Gina Raimondo, the U.S. commerce secretary, who is meeting with senior Chinese officials in Beijing and Shanghai this week. The agreement to hold regular discussions is the latest move toward rebuilding frayed links between the two countries, a process that had already begun during three trips in the past 10 weeks by senior American officials: Secretary of State Antony J. Blinken, Treasury Secretary Janet L. Yellen and John Kerry, the president’s climate envoy. “I think it’s a very good sign that we agreed to concrete dialogue, and I would say, more than just kind of nebulous commitments to continue to talk, this is an official channel,” Ms. Raimondo said in an interview after four hours of negotiations with China’s commerce minister, Wang Wentao.

Persons: Gina Raimondo, Antony J, Blinken, Janet L, Yellen, John Kerry, “, Ms, Raimondo, Wang Wentao Locations: States, China, Beijing, U.S, Shanghai

☆ Divisive China, Taiwan bids to join Pacific trade pact in focus at meet
▼ + stars: | 2023-07-14 | by ( Lucy Craymer | ) www.reuters.com time to read: +4 min

Britain will become the 12th member to join the pact that cuts trade barriers, as it looks to deepen ties in the Pacific. In support of its application, Britain has said that CPTPP countries will have a combined GDP of 11 trillion pounds ($13.6 trillion) once Britain joins, or 15% of global GDP. "There’s a large gap between the high standards and binding commitments that are demanded of CPTPP members, and where China is currently at," he added. The other countries' applications also provide opportunities. "After modernising the Canada-Ukraine FTA this year, Canada knows that Ukraine is capable of meeting the high standards of the CPTPP," she said.

Persons: Charles Finny, CPTPP, Chris Hipkins, Shu Jueting, Penny Wong, Aidan Arasasingham, Joanne Ou, Roy Lee, Mary Ng, Lucy Craymer, Ben Blanchard, Joe Cash, Praveen Menon, Muralikumar Organizations: WELLINGTON, Trans, Pacific, New Zealand, Reuters, Centre, Strategic, International Studies, Washington DC, Thomson Locations: Pacific, Auckland, China, Taiwan, New Zealand, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, Vietnam, Britain, Costa Rica, Uruguay, Ecuador, Ukraine, New, Beijing, Zealand, Jakarta, Taipei, CPTPP, Wellington

☆ China to restrict exports of chipmaking materials as US mulls new curbs
▼ + stars: | 2023-07-04 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: Flags of China and U.S. are displayed on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. The controls, which China said were aimed at protecting national security and interests, will require exporters to seek permission to ship some gallium and germanium products. China’s controls, to take effect from August 1, will apply to eight gallium-related products: gallium antimonide, gallium arsenide, gallium metal, gallium nitride, gallium oxide, gallium phosphide, gallium selenide and indium gallium arsenide. They will also apply to six germanium products: germanium dioxide, germanium epitaxial growth substrate, germanium ingot, germanium metal, germanium tetrachloride and zinc germanium phosphide. Anyone exporting these products without permission and those who export in excess of the permitted volumes will be punished, it said.

Persons: Florence Lo Organizations: REUTERS Locations: China, U.S, BEIJING, Beijing, United States, Washington, Netherlands

☆ Micron invests another $600 million in China despite partial sales ban
▼ + stars: | 2023-06-16 | by ( ) edition.cnn.com time to read: +2 min

Micron said Friday it was committed to China and would invest 4.3 billion yuan ($603 million) over the next few years in its chip packaging facility in the city of Xian. Micron, the biggest US memory chipmaker, was last month targeted by China’s cyberspace regulator, which said the firm had failed a network security review. “This investment project demonstrates Micron’s unwavering commitment to its China business and team,” it quoted CEO Sanjay Mehrotra as saying. Micron, China’s commerce ministry and the Cyberspace Administration of China did not immediately respond to requests for comment. In May, Micron forecast a hit to revenue in the low-single to high-single digit percentages after the China ban.

Persons: Sanjay Mehrotra, Powertech Organizations: Micron, Technology Inc, Cyberspace Administration, China Locations: China, Xian

☆ Elon Musk: CEOs flock to China as risks to trade and investment rise
▼ + stars: | 2023-05-31 | by ( Michelle Toh | ) edition.cnn.com time to read: +8 min

To drum up business, Chinese leaders have urged foreign companies to invest more in the country, promising them an open and level playing field. “The interests of the United States and China are intertwined like conjoined twins,” he was quoted as saying by the foreign ministry. Over time, “there will be less trade” between China and the United States, Dimon predicted. The move was seen as retaliation for restrictions the United States has imposed on Chinese chipmakers. The interests of the United States and China are intertwined like conjoined twins.

Persons: Elon, Laxman, Jamie Dimon, Qin Gang, Tesla, Elon Musk, Musk, ”, Warren Buffett, Dimon’s, Dimon, That’s, Bain, “ who’s, ” Michael Hart, Ben Cavender, Nick Marro, Tim Cook, Cook, Marro, ‘, ” —, Sophie Jeong, Martha Zhou Organizations: Hong Kong CNN, Tesla, Starbucks, JPMorgan, Apple, Samsung, Aramco, Volkswagen, HSBC, Standard Chartered, Foreign, China's Ministry of Foreign Affairs, Reuters, China’s Foreign, Shanghai’s Communist Party, Bloomberg, Group, American Chamber of Commerce, CNN, British, of Commerce, China Market Research Group, US, Micron, Economist Intelligence Unit, “ Companies, China Development Forum Locations: Hong Kong, China, Beijing, United States, Shanghai, Taiwan, Washington, New York, American, Xinjiang

☆ China urges Japan to end curbs on chip exports
▼ + stars: | 2023-05-30 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s commerce minister has urged Japan to end its newly announced curbs on exports of chipmaking equipment, saying it would hurt economic and trade relations between the two countries. In March, Japan announced it would tighten rules on exports of 23 types of advanced semiconductor manufacturing equipment, joining the United States and the Netherlands in curbing the sale of key technology to China. On May 23, the commerce ministry issued a statement calling on Japan to “immediately” stop the export restrictions and said China would take measures to defend its interests. China's commerce minster, Wang Wentao, left, met Yasutoshi Nishimura, Japan's trade minister, in Detroit last week. China has its own chip manufacturers, but they supply mostly low- to mid-end processors used in home appliances and electric vehicles.

WASHINGTON, May 18 (Reuters) - China’s commerce minister will visit the United States next week for meetings with the commerce secretary and Washington’s top trade official, the spokesperson for China's embassy in Washington said on Thursday, as the U.S. seeks engagement with Beijing to salve damaged ties. A source familiar with planning for the meetings said that Chinese Commerce Minister Wang Wentao will meet with Commerce Secretary Gina Raimondo in Washington next week before traveling to Detroit for a meeting of Asia Pacific Economic Cooperation (APEC) trade ministers. He will meet with U.S. Trade Representative Katherine Tai on the sidelines of that gathering, scheduled for May 25-26. Washington has expressed eagerness for high-level meetings with China in an effort to keep increasingly tense relations from veering toward conflict. Blinken, Raimondo, and U.S. Treasury Secretary Janet Yellen have all expressed interest in visiting China.

The China Development Forum, a high-profile, government-hosted conference with a who’s who of international executives in attendance, was a moment for Beijing to renew its efforts to win over foreign businesses. Businesses from outside China “are not foreigners, but family,” said Wang Wentao, China’s commerce minister. State media reported that the chief executives of Apple, Pfizer and Procter & Gamble were at the forum, held in late March. Mr. Wang pledged to remove obstacles preventing firms from investing more — 2023, he declared, was “Invest in China year.”The good will did not last long. The recent targeting of consulting and advisory firms with foreign ties through raids, detainments and arrests has reignited concerns about doing business in China.

☆ Australia bans TikTok on federal government devices
▼ + stars: | 2023-04-03 | by ( Chris Lau | ) edition.cnn.com time to read: +2 min

CNN —Australia has joined other Western countries in banning the use of TikTok on government devices as the Chinese-owned video app comes under increasing pressure over claims it presents a security concern. So far, there’s no evidence the Chinese government has accessed TikTok user data, and no government has enacted a broader ban targeting TikTok on personal devices. During a high profile congressional hearing on the matter, TikTok CEO Shou Zi Chew was grilled about the tech firm’s alleged ties to the Chinese government. Chew has said the Chinese government had never asked TikTok for its data and that the company would refuse any such request. For its part, China’s Commerce Ministry said it would “firmly oppose” any decision resulting in the forced sale of TikTok, adding that it would “seriously damage” global investors’ confidence in the United States.

The last time Cook visited China was in 2019. We also have a thriving App Store,” the Apple chief was quoted as saying in state-run China Daily. On Friday, Cook had posted a picture of himself smiling with customers and staff at the Apple store in the shopping district of Sanlitun on China’s Twitter-like social media site Weibo. “TikTok CEO was under siege at the US hearing, while Apple CEO was enthusiastically welcomed by people at its flagship Chinese store. China’s commerce ministry said Thursday that a forced sale of TikTok would “seriously damage” global investors’ confidence in the United States.

☆ China says it ‘firmly opposes’ a potential forced sale of TikTok
▼ + stars: | 2023-03-24 | by ( Laura He | ) edition.cnn.com time to read: +2 min

China’s commerce ministry said Thursday that a forced sale of TikTok would “seriously damage” global investors’ confidence in the United States. “If the news [about a forced sale] is true, China will firmly oppose it,” Shu Jueting, a spokeswoman for the ministry, told a Thursday news conference in Beijing, adding that any potential deal would need approval from the Chinese government. “The sale or divestiture of TikTok involves technology export, and administrative licensing procedures must be performed in accordance with Chinese laws and regulations,” she said. “The Chinese government will make a decision in accordance with the law.”Previously, Beijing didn’t weigh in directly on a potential forced sale. Chinese regulators first added algorithms to the restricted list of technologies in August 2020, when the Trump administration threatened to ban TikTok unless it was sold.

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