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As China transitions into an innovation-driven development model, it has been stepping up efforts to cut red tape and reduce corporate costs to provide businesses with a better environment.

Areas of cooperation include enhancing high-level exchanges and communication mechanisms, promoting mutual visits by military personnel and naval ships and increasing coordination in peacekeeping missions, counterterrorism and humanitarian aid, he said.

Apple's net income and revenue for its first quarter that ended Dec 31 rose, but its revenue forecast for the second quarter of between billion and billion was below market expectations of .73 billion, adding to concerns of a plateau in demand for its newer iPhones, including the anniversary edition iPhone X.

Apple closed its stores in China and didn't reopen them until March. As the coronavirus spread, Apple closed stores around the world. As a result, Apple faced three problems in the quarter: supply constraints, sales outlets closure and a sharp reduction in demand as shelter-in-place orders took effect in its markets.

Apple’s Tim Cook prepares to unveil Apple Watch. (Apple photo)