The news: Apple CEO Tim Cook met with China’s commerce minister, Wang Wentao, to reestablish business ties between the world’s most valuable company and the country that manufactures most of its products, per Bloomberg.
Why it’s worth watching: China is hosting the China Development Forum in Beijing to signal its reopening after years of zero-COVID restrictions at a time of heightened tensions between Beijing and Washington.
China and Apple are both in recovery mode. The former’s economy is recovering from all-time lows in production. The latter reported the biggest decline in revenue since 2016 due to supply chain shortages and diminished consumer demand.
What this means for Apple:
What this means for China:
Our take: Despite efforts to diversify production away from China and into regions like India and Vietnam, Apple is realizing that its best options are with an established partner, at least for now.
This article originally appeared in Insider Intelligence's Connectivity & Tech Briefing—a daily recap of top stories reshaping the technology industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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