SHANGHAI, March 21 (Reuters) - Apple ( AAPL ) CEO Tim

Cook on Thursday opened Apple's ( AAPL ) newest store in Shanghai in

front of a large crowd, some of whom had queued overnight.

Cook, who arrived in Shanghai on Wednesday, opened the

store's doors and flashed a victory sign with his fingers before

greeting the first few customers who had started waiting outside

the day before.

The new store, which faces Shanghai's historic Jing'an

Temple, is Apple's ( AAPL ) 57th in China and its eighth in the Chinese

financial hub. It is also the company's second-largest flagship

store after its Fifth Avenue outlet in New York city.

Its opening comes as Apple ( AAPL ) battles falling iPhone sales in

China and rising competition from domestic rivals such as Huawei

. Apple's ( AAPL ) iPhone sales in China fell 24% year-on-year in

the first six weeks of this year, according to consultancy

estimates.

Cook, who was accompanied by Deidre O'Brien, Apple's ( AAPL ) senior

vice president of retail and people, did not make any public

remarks at the store. The store opening drew hundreds of people,

with Chinese police stepping in to manage the crowd.

He spoke to local media outlets on Wednesday, who said he

met with Apple's ( AAPL ) Chinese suppliers including Wang Chuanfu,

founder and president of BYD, whose electronics arm supplies

components to the U.S. firm.

Cook is expected to travel next to Beijing to attend the

China Development Forum, a gathering of foreign CEOs with top

Chinese policymakers.