Editor’s Note: Don’t forget to subscribe to CNN’s Meanwhile in China newsletter, which delves into the implications of the country’s growth on a global scale. Hong Kong/Beijing CNN —. Tim Cook is visiting China as Apple opens a large new store in Shanghai, which is the company’s second largest worldwide. The company is making efforts to increase iPhone sales in their key international market by opening a new $11.6 million store in Shanghai’s central district of Jing’an. This store, the largest in China, is second only to Apple’s flagship store on New York’s Fifth Avenue, according to Chinese state media. In a post on Weibo on Wednesday, Apple CEO Cook greeted with the word “hello” in Shanghainese. I am always thrilled to return to this incredible city. Cook mentioned that he started his day by savoring a typical breakfast consisting of soup dumplings and soy milk, and capturing selfies at the renowned Bund waterfront with actor Zheng Kai. Shanghai, a major financial center in mainland China, is home to eight Apple stores, the most in any city in the country. Apple currently has 47 retail locations in 24 cities in mainland China. This expansion is part of Apple’s efforts to combat competition and boost sales in a challenging market experiencing economic challenges and growing tensions. A recent article highlights a 24% decrease in iPhone sales in China due to competition and market difficulties. Apple took the lead in China’s smartphone market for the first time in 2023, capturing a record 17.3% market share, as reported by IDC Research. However, iPhone sales in the country dropped by 24% compared to the previous year during the first six weeks of 2024, according to a recent report by Counterpoint Research.