According to ‘The Information,’ Apple Inc Chief Executive Tim Cook signed a $275 billion arrangement with Chinese regulators to settle concerns that would have hampered the company’s devices and services in the nation.
Apple did not respond to a request for comment from Reuters right away.
According to the storey, which cites interviews and internal Apple documents, the five-year agreement was reached during Cook’s 2016 visits to China to suppress a slew of regulatory actions against the business.
According to the storey, Cook persuaded Chinese officials, who feared Apple was not contributing enough to the local economy, and inked the agreement with a Chinese government agency, making concessions to Beijing and obtaining critical legal exemptions.
According to the article, some of Apple’s investment in China will go into new retail outlets, research and development centres, and renewable energy initiatives.
China is one of Apple’s most important markets, with annual sales up 83 percent in the fiscal fourth quarter.
According to the article, Apple agreed to utilise more Chinese-made components in its iPhones, establish collaborations with Chinese software businesses, collaborate on technology with Chinese institutions, and invest directly in Chinese tech companies as part of the accord.
The Shining Media is an independent news website and channel, covering updates from the world of Politics, Entertainment, Sports, International, National, and a lot more.