Apple's sweetheart deal with China: CEO Tim Cook signed 'secret $275billion deal with Beijing in 2016

Apple CEO Tim Cook personally met with Chinese officials in 2016 and pledged to invest $275billion into the local economy over a five-year period in exchange for Beijing allowing the iPhone maker to freely do business on the mainland.

Cook visited China in 2016 after the government shut down iTunes books and movies. Beijing was also threatening features such as Apple Pay, iCloud, and the App Store, according to The Information. 

Cook and Communist Party officials came to a 1,250-word 'memorandum of understanding,' according to the report. Apple pledged to invest some $275billion into the Chinese economy over a period of five years.

The deal also includes an option for a sixth year which would last until May of 2022 if neither Apple or Beijing objected.