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8 December: Media is reporting that the CEO of Apple Inc. signed a five-year agreement worth $275 billion with China in 2016. This deal has not been reported before today. It was a secret deal made by Tim Cook, CEO of Apple Inc with authorities of China.
According to the reports the amount was paid by Apple to reverse the regulatory action taken by China in the year 2016. The authorities believed that Apple was not benefiting the country’s economy. This deal was not made public in 2016.
iTune books and movies were shut down by the Chinese regulators in April 2016. To resolve this, Tim Cook and Apple’s government affairs team lobbied the higher authorities to improve relations with Beijing and senior leaders. The agreement assured that Apple Inc. will stick to the rules and regulations of the country and in return, the authorities will support and assist.
The same report notes that these deals between US companies and Chinese authorities take place in the public commonplace. Microsoft has signed two deals with China in 2002 and 2006.
In 2021, China becomes the second biggest market for Apple after USA.