Tim Cook Stresses Significance of China's Domestic Demand Program
Apple Faces Challenges in Chinese Market... 11% Sales Drop Last Year
Apple CEO Tim Cook met with senior officials from China's economic sector to emphasize his commitment to cooperation with China. Amid optimistic outlooks on the Chinese market due to the Chinese government's successive stimulus measures, this move is interpreted as a step by global companies to strengthen their presence within China.
According to Xinhua News Agency on the 24th, Tim Cook, who visited Beijing to attend the China Development Forum (CDF), met with Vice Premier He Lifeng of the State Council the previous afternoon.
At the meeting, Vice Premier He urged representatives of global companies, including CEO Cook, stating, "China is steadfastly promoting high-quality development, expanding high-level opening-up, and continuously improving the business environment," while calling for increased investment in China.
On the same day, CEO Tim Cook met with Ren Hongbin, Chairman of the China Council for the Promotion of International Trade (CCPIT), at the Diaoyutai State Guesthouse in Beijing to discuss China's recently announced domestic demand stimulation program, foreign media reported.
China News Network reported that CEO Cook said at the meeting, "The significance of China's domestic demand stimulation program is profound. It is not only related to employment but also impacts Apple's ecosystem of manufacturers and developers in China. A healthy and robust consumer market will contribute in many ways."
Apple has been struggling in the Chinese market amid intensified competition with Chinese smartphone manufacturers. According to market research firm Counterpoint, Apple held a 21% market share in China in Q4 2023, ranking first, but throughout last year, its market share ranged between 14% and 17%, comparable to or trailing behind Chinese brands such as vivo, Huawei, and Xiaomi. In Q4 last year, Apple's total sales in China decreased by 11.1%.
Chinese media also reported that when asked by reporters at the opening ceremony of the China Development Forum whether he had tried the Chinese AI model DeepSeek, Tim Cook responded, "Of course. It's amazing."
Pengpai previously stated that CEO Tim Cook had also praised DeepSeek as an "innovation driving efficiency" during the earnings announcement at the end of January this year.
The annual China Development Forum, hosted by the Development Research Center of the State Council of China, is an event where senior Chinese officials meet with global company representatives to encourage investment. This year's forum was attended by Samsung Electronics Chairman Lee Jae-yong, SK Hynix CEO Kwak No-jung, as well as representatives from global companies such as Apple, BMW, and Mercedes-Benz.
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