Apple CEO: China will be biggest market

(AP) Apple CEO Tim Cook has told a Chinese news agency the computer giant expects China to overtake the United States as its biggest market.

China is currently our second largest market. I believe it will become our first. I believe strongly that it will, the Xinhua News Agency quoted Cook as saying in an interview.

Cook was visiting Beijing to meet with Chinese regulators and managers of state-owned phone companies.

Xinhua said Cook did not respond to rumors Apple might be developing a lower-cost iPhone for developing markets such as China.