Dharamshala, 8th December: During a series of visits to China in 2016, Apple CEO Tim Cook inked a deal worth more than $275 billion with the Chinese government, according to investigative tech publication The Information.
Cook reportedly “personally persuaded officials” in China to get concessions that would allow Apple to conduct business in the nation in exchange for over $275 billion spent in the country’s economy over a five-year period.
Cook’s move occurred after China outlawed iTunes in the country and threatened to do the same with features like Apple Pay, iCloud, and the App Store, according to The Information, which cited a variety of internal papers and interviews.
Apple and China’s National Development and Reform Commission signed a 1,250-word “memorandum of understanding” to formalize the arrangement.
The deal involved investing $1 billion in Didi Chiuxing, a Chinese ride-sharing company similar to Uber, as well as extending employee training in China.
It also involved investing in Chinese colleges, technology firms, renewable energy businesses, and retail stores.
The deal was reached at a time when China was increasingly being chastised for its persecution of political dissent and treatment of ethnic minorities such as Tibetans and Uyghur Muslims.
Chinese sales made up 17% of Apple’s global revenue in 2020.
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