The Point: Why is Apple failing in China?

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The Point: Why is Apple failing in China?
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CGTN
Published on Jan 10, 2019

2019 is off to a sour start for Apple, Inc. The iPhone maker – America’s most valuable company just a matter of months ago – has lost more than 450 billion U.S. dollars in market value since Oct. 3, 2018. In a letter to investors released last Wednesday, Apple CEO Tim Cook announced that for the first time in over a decade, Apple would not meet its forecasts for revenue growth – by a long shot. Slowing demand for iPhones worldwide and weaker-than-expected sales, especially in China, were cited as the main factors behind Apple’s fall in the letter.

Like clockwork, the company’s stock fell nearly 10 percent overnight. So why do Apple’s prospects suddenly look so rotten? Is Apple’s fall a harbinger of a greater economic slowdown to come? And what does this news mean for China, its economy and ongoing trade tensions with the U.S.? Guests are Zhao Hai, a research fellow at the Chinese Academy of Social Sciences, and from Washington, DC, Steve Pruitt, managing partner at Watts Partners and former staff director of the House Congressional Budget Committee.

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