Apple Signs Secret 324 Trillion Won Deal with China to Ease Regulations

[Asia Economy Reporter Koo Chae-eun] According to the American IT media outlet The Information on the 7th (local time), Apple has secretly signed a contract worth a total of $275 billion (approximately 324 trillion KRW) with Chinese authorities to facilitate smooth business operations in China.

According to the report, Apple CEO Tim Cook visited China in 2016 and signed this five-year contract to ease regulations. According to the report, under this contract, Apple promised to establish new retail stores in China, build research and development centers, and carry out renewable energy projects.

Apple also agreed to use more Chinese-made components in its products and to sign more contracts with Chinese software companies. It pledged to cooperate with Chinese universities on technology and increase direct investments in Chinese companies. In return for these investments, Apple reportedly received some legal conveniences such as regulatory easing within China. Apple did not respond to local media inquiries regarding its position on this contract.