China should continue to open up its economy, Apple’s Cook

Apple chief executive Tim Cook yesterday urged China to keep opening up its economy as local rivals bit into the profits of the US tech giant caught in the crosshairs of a trade spat between Beijing and Washington.

“We have seen China continue to change and evolve... We encourage China to continue to open up,” he said during a speech at the annual China Development Forum in Beijing on Saturday. “We see that as essential not only for China to reach its full potential, but also for the global economy to thrive.”

Apple in January revealed that it took a hit in the “Greater China” region, where revenue plunged almost 27 percent in the most recent quarter. The dip had been expected following the company’s revenue warning in December, where Apple admitted that iPhone sales and overall earnings would be below most forecasts, citing economic weakness in China and trade frictions between Washington and Beijing.

Lower priced local rivals such as Huawei, Xiaomi and Oppo have also been nibbling at the California tech giant’s market share in China.