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Apple, Others Affected by Reports of CN Encouraging Local & Departmental Restrictions on Tech Transfers/ Equipment Exports
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China's central government gave verbal instructions to local officials and regulators to encourage restrictions on technology transfers and equipment exports to the Asia-Pacific region, with the aim of supporting China's local production, minimizing potential job cuts and preventing foreign investors from fleeing the country as a result of new US trade restrictions, Bloomberg quoted sources as saying. Apple (AAPL.US)'s main foundry, Foxconn, could not deploy Chinese workers to India, while India can't get more special equipment from China, even though it won't have an immediate impact on production, sources said. The technology equipment restriction is also affecting EVs and solar panels, with Waaree, the Indian arm of BYD COMPANY (01211.HK) and India's biggest solar panel maker, also affected, the sources added. AAStocks Financial News |
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