China and the U.S. have reached a basic consensus on how to solve the problems related to TikTok, according to a statement posted on the official website of China's Ministry of Commerce on Saturday.

The ministry further stated that the two countries' leaders talked over the phone on Friday evening to exchange views on issues of both countries' concern.

The statement reaffirmed China's position on the popular video app, noting that the government respects the will of enterprises and is pleased to see a solution being worked out that aligns with Chinese laws and regulations while balancing all interests.

The ministry also urged the U.S. to provide a fair, just and non-discriminatory business environment for Chinese companies, including TikTok, to operate in the country so as to develop a stable, healthy and sustainable China-U.S. trade relationship.