Apple CEO bullish on Chinese market, appreciates China's business incentives

Apple CEO Tim Cook said he remains bullish on the Chinese market and supply chain, and appreciated China's government incentives to boost consumption, which has led to a notable growth in smartphone sales of the U.S. tech giant in recent months.

Cook made the remarks at a meeting with China's Minister of Commerce Wang Wentao in Beijing on Friday. Before the meeting, Wang extended a warm welcome to Cook.

"I remember that every meeting between us was very practical. We had discussions on some issues, and we were very candid," said Wang.

Cook began his speech by highlighting just how critical China remains -- as a market, and as the backbone of Apple's global supply chain.

"China continues to be the vast majority of our supply chain in the world with 80 of our top 100 suppliers in China. And our total investment over the last five years in the supply chain has been 400 billion, and that number is very stable on an annual basis," said Cook.

Apple has reportedly seen an over 20 percent surge in smartphone sales in China from January to early March this year. Cook said during the meeting that China's push to boost domestic consumption plays a major role in the growth.

"We've had a good business over the last several months in China. We are very appreciative of the government incentives that are stimulating consumption in the country. We feel like these are very effective and have been very pleased with the results," he said.

Amid global uncertainties and shifting supply chains, Apple is aligning its investments with China's focus on innovation and sustainable development. The company is betting that this market will remain key to its future.