China’s government has extended its ban on iPhones to include local government workers and state-owned companies, following a previous ban on iPhones for central government employees. This ban on Apple products is seen as a move by Beijing to reduce its reliance on US technology. China has over 150,000 state-owned companies, employing more than 56 million people. Following the news of the ban, Apple’s shares fell more than 6%, but they slightly recovered the following day. Despite the ban, Apple’s production remains predominantly in China, with around 90% of its products being manufactured in the country.

Source: Wall Street Journal September 09, 2023 15:35 UTC