US media The Information reported that Apple CEO Tim Cook signed a five-year agreement with Chinese officials in the early years of approximately US$275 billion (approximately 2.14 trillion Hong Kong dollars) to improve relations with China and ensure that Apple Apple’s services such as Pay, iCloud and App Store will not be suppressed in China.
The Information report pointed out that Cook visited China in 2016 and lobbied Chinese officials to avoid the establishment of unfavorable regulations for Apple. As Chinese officials believe that Apple’s contribution to China’s domestic economy is insufficient, iPhone sales in China have plummeted under pressure from relevant authorities. Therefore, Cook visited China in person and signed a huge agreement with China. The agreement lasts for 5 years. However, if China and Apple do not object, the transaction can be extended by one year to May 2022.
The US$275 billion transaction agreement includes Apple’s commitment to help Chinese manufacturers build “the most advanced manufacturing technology” and train workers. It also includes the need for Chinese manufacturers to provide more parts for Apple devices; technical cooperation with Chinese universities, and Apple It also needs to invest an additional billions of dollars in China to invest in Chinese technology companies; Apple even agreed to open new retail stores, renewable energy projects and R&D centers in China.
After reports that iTunes books and movies have been suppressed in China, Apple has made meetings with high-level Chinese officials a priority. Apple’s government affairs team in China signed a memorandum of understanding with China’s National Development and Reform Commission to improve relations with Chinese leaders.
Source: MacRumors
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