China opposes U.S. regulators’ plan to force sale of TikTok
The Chinese government has declared its opposition to a possible plan by the United States to force a sale of TikTok.
China made the announcement in a statement issued on Thursday where it responded to threats by US federal regulators.
The resistance comes after a testimony by CEO Shou Zi Chew, to ban the social media app in the U.S. over concerns about national security and data privacy.
Shu Jueting, a spokesperson for China’s Commerce Ministry, stated that “China will firmly oppose” a forced sale of TikTok, warning that such a move “would seriously damage” investors and investor confidence in the United States.
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Previously, regulators from the Committee on Foreign Investment in the U.S. (CFIUS) had said that they would ban the app in the United States if its China-based owners did not sell their stake in the company.
TikTok has since responded, saying that “divestment doesn’t solve the problem,” and that “a change in ownership would not impose any new restrictions on data flows or access.”
TikTok‘s U.S. leadership is reportedly considering a split with its China-based parent company ByteDance to alleviate scrutiny from lawmakers and regulators, though this is seen as a last resort.
Ripples Nigeria gathered that the company has also launched a $1.5 billion lobbying effort, known as “Project Texas,” in response to regulator concerns, including inviting U.S. tech company Oracle to examine its software.
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