Tim Cook’s love for China helps Xi fight fears of economic slump
Days after he opened an expansive new retail store in Shanghai and pledged a fresh investment in applied research in the country, Apple Inc. Chief Executive Tim Cook on Sunday gushed, “I love it here, I love the Chinese people.”
“It’s so vibrant and so dynamic here,” Cook told journalists as he entered the opening session of the China Development Forum, a top annual gathering of business leaders and Chinese officials. Apple has faced expanding restrictions on iPhone use at government agencies and state-backed companies and sales of the smartphone tumbled 24% in the first six weeks of the year.
The CDF confab is one of a series this week that offer China a chance to rekindle overseas interest in the nation after an historic slump in foreign investment.
For global executives, the meetings are a chance to underscore interest in participating in the giant Chinese market despite deepening geopolitical tensions and moves in China to favor local competitors. Pfizer Inc. CEO Albert Bourla called China “an extremely attractive place.” Nestle SA’s Mark Schneider lauded plans to boost Chinese consumption.
Premier Li Qiang delivered an address in the Sunday session, assuring attendees at the Diaoyutai State Guesthouse that China’s economic recovery has been improving, while recognizing some challenges. Later this week, Beijing hosts the Invest in China summit, followed by the annual Boao Forum for Asia on the southern resort island of Hainan.
The China
