Apple CEO Tim Cook held a meeting in Beijing with representatives of the Chinese government, confirming the company's intention to increase investments in China. According to the state-run Xinhua news agency, Cook stressed Apple's desire to take advantage of the opportunities opening up in the Chinese market and promote the development of industrial and value chains. This is Cook's second visit to Beijing this year, where he met with Minister of Industry and Information Technology Jin Chuanglong. During the meeting, Apple's development in China, online security and cloud services were discussed. Minister Jin expressed hope for deepening Apple's presence in the country, increasing investments in innovation and joint development with Chinese companies. Such steps are being taken against the background of Apple's deteriorating position in the Chinese smartphone market, where the company is facing competition from local manufacturers. Despite statements about increased investments, Apple shares on Wednesday showed a decline of more than 2%, reaching an almost two-week low. The fall in the share price was triggered by reports of a reduction in the volume of orders for the production of the new iPhone 16.
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