Apple CEO Tim Cook meets with China's Minister of Commerce, pledges "more investment"

Apple CEO Tim Cook, who is visiting China, met with Wang Wentao, China's Minister of Commerce, and promised increased investment in China.

According to the Chinese Ministry of Commerce's website and the state-run English newspaper China Daily on the 23rd, the two met in Beijing on the 22nd. China Daily released a video of Cook's remarks, reporting that he announced such plans.

Cook said, "We continue to invest in the Chinese supply chain, research and development (R&D), and retail stores." He also mentioned that Apple recently expanded its Shanghai R&D center and opened a separate flagship store.

Apple CEO Tim Cook.
Photo by Yonhap News

In response, Minister Wang told Cook, "China is willing to cooperate with the United States to create a fair, stable, and predictable business environment for both American and Chinese companies." He added, "China is promoting technological innovation, and fields such as artificial intelligence and cloud computing offer tremendous opportunities for companies including Apple."

In this context, foreign media report that Cook's visit to China comes amid signs that Apple is struggling in the Chinese market.

According to market research firm Counterpoint, iPhone sales in China dropped 24% in the first six weeks of this year compared to the same period last year. The Chinese government has banned iPhones for civil servants and employees of state-owned enterprises. Amid escalating de-risking between the U.S. and China, this is also a reason why Cook is deliberately focusing on China.

Meanwhile, Cook will attend the China Development Forum held in Beijing for two days starting on the 24th. Chinese Premier Li Qiang will deliver the keynote speech, and although there were reports that President Xi Jinping would hold a separate meeting with global CEOs visiting China, the situation is reportedly fluid.