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Apple Inc (NASDAQ:AAPL) COO Jeff Williams and Micron Technology Inc (NASDAQ:MU) President Sanjay Mehrotra recently visited Beijing to meet with senior Chinese officials as the U.S. considers stricter tech curbs against China.
On Monday, the executives joined a U.S. business delegation meeting with Vice-Premier He Lifeng and Foreign Minister Wang Yi.
He Lifeng urged American companies to “participate aggressively in China’s further reform and modernization process,” Bloomberg reports.
During a separate meeting, Wang Yi discussed the outcomes of the Chinese Communist Party’s Third Plenum, highlighting the country’s economic direction.
He also expressed a desire for members of the U.S.-China Business Council in Beijing to foster “a correct understanding” of China in the U.S. Both Williams and Mehrotra are directors of this group.
The visit coincided with the U.S. intensifying advanced semiconductor sanctions against China.
Apple increased its China-based suppliers and manufacturing sites in 2023.
The company opened a new Apple store in Shanghai, and CEO Tim Cook attended the China Development Forum in Beijing.
Apple also explored integrating Baidu Inc’s (NASDAQ:BIDU) advanced generative artificial intelligence (AI) technology into its devices within China, according to Bloomberg.
In 2023, Apple negotiated with China Mobile, a leading telecom provider, to introduce its Apple TV+ video streaming service nationwide.
Earlier in 2024, Micron CEO Sanjay Mehrotra met with China’s Minister of Commerce to discuss expanding Micron’s operations and new investments in China.
Apple depends on China for about a fifth of its sales, while Micron has faced challenges since Beijing banned its products from critical infrastructure last year.
After posting weak GDP growth in the second quarter, China recently slashed the key interest rates to boost the economy.
Price Actions: AAPL shares traded lower by 0.06% at $223.83 premarket at the last check on Tuesday. MU is down 0.52% at $114.68.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
