Apple CEO Cook meets Chinese commerce minister, unveils investment plans

Apple Inc. plans to invest further in research in China, CEO Tim Cook said as he continues his high-profile visit to the country. The company will pump resources into applied research in the financial hub of Shanghai, the state-run newspaper China Daily reported, citing Cook’s comments to Commerce Minister Wang Wentao. He didn’t disclose details of the investment, according to the paper.

“We are continuing to invest in China, in the supply chain, in R&D and in our stores,” Cook said in a video clip of the meeting.

Cook is among a slew of global executives expected to attend the China Development Forum in Beijing starting Sunday. Chinese Premier Li Qiang will deliver a keynote speech at the annual summit, while speculation remains over which top leaders they’ll meet. The Apple CEO also opened an expansive new store in central Shanghai on Thursday evening.

The visit comes amid recent signs of Apple struggling in China. Sales of the iPhone fell 24% in the first six weeks of the year, according to independent research. A government ban on iPhones at state agencies and government-backed firms deepened late last year. That’s as certain relations between Beijing and Washington continue to sour, with the US recently taking more steps to ringfence and curtail its rival’s artificial-intelligence and semiconductor ambitions.

Wang told Cook that China is willing to work with the US to create a fair, stable and predictable business environment for American and Chinese companies, according to a statement from the Ministry of Commerce on Saturday.

He said China is promoting tech innovation, and that sectors like artificial intelligence and cloud computing offer massive opportunities to companies like Apple.