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Why did Apple secretly sign a deal with Chinese officials worth $275 billion?

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According to The Information, Apple CEO Tim Cook ‘secretly’ signed a deal worth more than $275 billion with Chinese officials, allegedly promising Apple would help develop China’s economy and technological prowess through investments, business deals, and worker training.

The Apple CEO reportedly forged the five-year agreement, which has not been previously reported, “during the first of a series of in-person visits he made to the country in 2016 to quash a sudden burst of regulatory actions against Apple’s business,” according to internal Apple documents viewed by The Information.

“Before the meetings, Apple executives were scrambling to salvage the company’s relationship with Chinese officials, who believed the company wasn’t contributing enough to the local economy, the documents show. Amid the government crackdown and the bad publicity that accompanied it, iPhone sales plummeted,” the report said late on Tuesday.

Cook allegedly “personally lobbied officials” in China over threats to Apple Pay, iCloud, and the App Store, according to the report. Apple has not yet responded to the report. According to the report, Apple announced a $1 billion investment in Didi Chuxing to “mollify” authorities.

Cook, Apple COO Jeff Williams, and government affairs head Lisa Jackson allegedly met senior government officials in Zhongnanhai, the Communist Party of China’s central headquarters, according to Gizmochina, citing The Information.

According to reports, Apple agreed to use more Chinese components in its devices, sign deals with Chinese software companies, collaborate on technology with Chinese universities, and invest directly in Chinese tech companies as part of the agreement.

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The company has also promised to spend “many billions of dollars” in China, including on new retail stores, research and development facilities, and renewable energy projects, in addition to its current spending.

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Source

Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.

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