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Apple Inc CEO Tim Cook is on a trip to China this week, pledging to boost investment in Shanghai and strengthen communication with local mobile app developers.

Apple had previously told investors to expect overall revenue between billion and billion in the fiscal 2019 first quarter. On Wednesday, it reduced that estimate by 7.6 percent to billion.

As Chinese makers of smartphones, personal computers and servers grow into major players in the global technology arena, they also recognize the need for localized or in-house chip suppliers to help them better differentiate their products, Yang said.

Around 60 to 70 percent of its products will be sold to customers in the US, while 20 to 30 percent go to the Chinese market, and 10 percent will be delivered to Europe.

Approval procedures should be completed in three months for rare-disease medicines and six months for those to help combat life-threatening illnesses. Meanwhile, prices for anti-cancer medicines will be reduced following the zero-tariff policy adopted last month. An alert system for precautions against supply shortages will be further enhanced, and drug reserves will be substantially expanded.