- Apple CEO Tim Cook opened a store in Shanghai on Thursday.
- His visit comes as iPhone sales in China dropped 24% in the first six weeks of 2024.
Apple CEO Tim Cook isn't in China just to open a new store in Shanghai and sample Chinese cuisine.
He's also in town to rub shoulders with Beijing's top policymakers after iPhone sales in China dropped 24% in the first six weeks of the year.
As Business Insider's Hasan Chowdhury pointed out, Cook has been flaunting his presence in China — one of Apple's largest markets — to show his commitment to the country.
But that's not the only thing currently keeping Cook away from the US, where Apple was hit with an antitrust lawsuit from the Department of Justice and 16 attorneys general on Thursday. Apple has pushed back on the allegations.
Cook is also expected to head to Beijing, where the two-day China Development Forum, or CDF, starts on Sunday, according to Bloomberg. It's hosted by China State Council, the country's cabinet, and it's an opportunity for business leaders to hobnob with Chinese policymakers.
This year, some US business leaders may get to meet Chinese leader Xi Jinping after the forum, The Wall Street Journal reported on Thursday, citing unnamed people familiar with the matter.
It's unclear if Cook will be meeting Xi — he attended a dinner for the Chinese leader in November on the sidelines of the APEC Leaders' Summit in San Francisco — but names on the list include Chubb CEO Evan Greenberg, US-China Business Council president Craig Allen, and Stephen Orlins, the president of the National Committee on US-China Relations, per the Journal.
Xi's team is still compiling the list of participants and the meeting could be canceled altogether, according to the media outlet.
The business forum is important for China as well.
The Chinese economy faces multiple challenges, including a property crisis, deflationary pressure, a demographic crisis, and trade tensions with the West.
Investor confidence in China has been flailing and it doesn't help that Beijing canceled a closely watched annual press conference with Premier Li Qiang earlier this month — a development an analyst compared to a company canceling its quarterly earnings calls.
"Given the state of China's economy, the government definitely wants to send a clear signal it is committed to improving conditions for foreign businesses," Scott Kennedy, a China specialist at the Center for Strategic and International Studies, told Bloomberg.
"I'd be surprised if neither Xi Jinping or Li Qiang spoke at CDF or met with some of the top attendees," Kennedy added.
China's State Council did not immediately respond to a request from Business Insider for comment.
Apple's stock edged up 0.2% in after-hours trade after closing 4.1% lower at $171.37 apiece on Thursday.