China hasn't banned officials from using iPhones, but it does. We are concerned about security issues related to the Apple (AAPL) product, Chinese Foreign Ministry spokesperson Mao Ning said Wednesday, contradicting reports of a government ban that contributed to a Apple stock price fell 6% last week.
Takeaways
- China has not banned officials from using Apple's iPhone, according to the Chinese Foreign Ministry.
- The Chinese government has expressed concerns about possible security issues with the iPhone.
- Apple shares have yet to recover from losses following last week's ban announcements, but were up 35% year-to-date as of Wednesday morning.
“China has not issued any laws, regulations or policy documents prohibiting the purchase and use of foreign brand cell phones,” said Chinese Foreign Ministry spokesperson Mao Ning, refuting reports that civil servants were not allowed to use iPhones at work.
While denying the ban , she expressed concerns about security issues associated with Apple's iPhone. “Recently, we have noticed media reports about security issues related to iPhone,” Mao Ning said.
“We hope that all mobile companies operating in China will strictly comply with Chinese laws and regulations” which aim to “improve information security management, protect consumer data stored in mobile phones from theft by any individual or organization, and ensure information security “. she added.
The supposed ban, which was supposed reduce China's dependence on foreign technology and improve cybersecurity, was first reported by The Wall Street Journal on September 6, citing people familiar with the matter.
The actions of Apple took a hit following the news and lost 6% of its value last week. Although they have yet to recover from last week's losses, shares were still up nearly 35% year to date as of 10:45 a.m. ET Wednesday morning, far outperforming the gain of 16% of the S&P 500 over the same period. .
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Source: investopedia.com