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Apple CEO asks China to open markets to stimulate global economy

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Apple CEO asks China to open markets to stimulate global economy

Apple Inc. CEO Tim Cook called on China to continue opening up its markets to stimulate the global economy while speaking at a China Development Forum in Beijing, Reuters reported.

“We encourage China to continue to open up, we see that as essential, not only for China to reach its full potential, but for the global economy to thrive,” he said, according to the report.

Cook's comments come as trade tensions and tariff disputes continue to simmer between the Unites States and China. Meanwhile, Apple has seen its sales in China decline. Its revenue from China for the first fiscal quarter ending in December 2018 totaled $13.17 billion, down from $17.96 billion in the year-ago period.

Before the earnings release, Cook in a public letter to investors said the company anticipated challenges in key emerging markets but failed to foresee the magnitude of the economic deceleration, particularly in Greater China as its impacted by rising trade tensions with the U.S. He added, "lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfalls to our guidance and for much more than our entire year-over-year revenue decline."