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The decision of the WTA -- which has endured eight-figure losses in 2020 and 2021 but not as much last year -- comes as men's tennis also prepares to return to China later in 2023 after a break due to COVID-19.
"We want to find a resolution that Peng can be comfortable with, the Chinese government can be comfortable with, and we can be comfortable with," said WTA chief Steve Simon.
Peng also said she had met with International Olympic Committee President Thomas Bach for dinner on Saturday and discussed her future.
However, fans must not become "disruptive", Tennis Australia chief Craig Tiley said on Tuesday amid criticism of the Grand Slam organisers' earlier stance on the issue.
In a tweet, former world No. 1 Navratilova called the decision "pathetic".
Peng clarified that a social media post she had made early last month had been misunderstood.
The US-headquartered tour's decision to walk away from one of its biggest markets was applauded by many leading figures in the tennis world but could cost the WTA hundreds of millions of dollars in broadcasting and sponsorship revenue.
Amnesty International's China researcher Alkan Akad told Reuters the video call did little to ease fears over Peng's wellbeing.
In a statement, the IOC said Peng began the 30-minute call with its president Thomas Bach by thanking the Olympic organisation for its concern.
Peng can be seen among guests at the Fila Kids Junior Tennis Challenger, dressed in a dark blue jacket and white trousers, according to the pictures published on the event's official page on WeChat.
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