Team Xi Jinping Willing To Provide Apple 'More Opportunities' As Battle With Homegrown Huawei Heats Up - Apple (NASDAQ:AAPL)

iPhone 15 sales in China reportedly witnessed a 4.5% decline in the first 17 days compared to its predecessor.

However, the country's vice premier, Ding Duexiang, has expressed China’s willingness to provide Apple Inc. AAPL with "more opportunities" as competition with Huawei Technologies heats up and government oversight increases.

What Happened: This decline in iPhone 15 sales follows China’s decision to widen restrictions on the use of iPhones by state employees, with Xi Jinping's administration reportedly instructing staff to stop using Apple handsets at work.

Moreover, Cupertino was against Chinese regulations mandating App Store developers to obtain licenses, though the company has now started to comply.

Against the backdrop of these challenges, Apple CEO Tim Cook made a surprise visit to Beijing, during which the country's vice premier extended an invitation to him, welcoming the tech giant's participation in advancing China's digital economy, reported Reuters.

“China is willing to provide more opportunities for foreign-funded enterprises, including Apple, to develop in the country,” Ding told Cook on Thursday, the report noted, citing Chinese state radio.

For the unversed, Cook met with China's commerce minister Wang Wentao for the second time in 2023. Previously, in March this year, Cook visited China. At the time, Apple was reportedly advised to enhance its security protocols.

Why It's Important: Apple relies significantly on the Chinese market, representing approximately 20% of its total sales.

It was previously reported that the company has consistently generated over $40 billion in annual revenue from China since 2015, with sales reaching nearly $75 billion in the last fiscal year.

Earlier this week, it was also reported that Apple TV+ canceled "The Problem With Jon Stewart" over "creative differences," primarily concerning the show's coverage of artificial intelligence and China.

Check out more of Benzinga's Consumer Tech coverage by following this link.

Image – Shutterstock

Market News and Data brought to you by Benzinga APIs