Apple made secret 5-year $275B deal with Chinese government

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Apple’s success in China is allegedly down to an agreement with the country’s government to help develop its economy, with a report claiming CEO Tim Cook personally lobbied officials to get the best deal for the company.

Apple considers China to be a major market, with the iPhone maker expending considerable effort to make headway, both in generating custom and in its extensive supply chain operations. The success in China has been a turnaround years in the making, and it seems that a secret agreement may have greased the wheels.

A report on Tuesday claims that, during a period when Apple was dealing with a rash of regulatory activity in China, Tim Cook paid a visit to the country in 2016. During that visit, he signed an agreement with the Chinese government, according to The Information.

The deal would have Apple working to improve China’s economy and technological profile with investments, training up its workforce, and various beneficial business deals. It is alleged that the total value of the five-year agreement was worth $275 billion.

At the time, Apple was viewed by Chinese officials as not doing enough to help the local economy, internal documents supposedly state. With regulatory scrutiny at an all-time high, Apple executives were having trouble trying to turn the Chinese opinion of the company around.

Over multiple visits, Cook is said to have lobbied officials on behalf of Apple, as well as signing the deal with a Chinese government agency.

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