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| Apple’s China conundrum |
| Shares in Apple, the world’s most valuable public company, continued to tumble on Thursday after a report that China would extend a ban on iPhones for government workers. The company is on track to lose $200 billion of market value, with shares falling about 6 percent over two days to roughly $175 as investors react to a potential threat in one of its biggest markets. |
| But the ripples will be felt more broadly: If one of the most successful operators in the world’s second-largest economy is at risk, can any Western company thrive there? |
| China may be making things tougher for Apple. Officials at government agencies were ordered not to use iPhones for work or bring them to workplaces, according to The Wall Street Journal. Bloomberg later reported that this would also apply to other government-controlled organizations, including state-owned enterprises. (Some Western governments, including the United States, already bar public employees from using TikTok, the Chinese-owned video platform, and devices made by China’s Huawei.) |
| Apple manufactures most of its hardware in China, and the country accounted for about a fifth of total revenue last year. Apple doesn’t break out iPhone sales in the country, but TechInsights, a market research firm, estimates that in terms of second-quarter shipments, China was a bigger market than the United States. |
| Apple has avoided the pitfalls that have snared other Western companies amid rising U.S.-China tensions, building market share and remaining a sought-after brand. Tim Cook, Apple’s C.E.O., praised the company’s “symbiotic” relationship with China in March on his first visit to the country since the start of the pandemic. Apple is a big source of jobs in the country, and even if it wanted to shift operations, it would be difficult to replicate the best-in-class supply chain it has built in China over decades. Some analysts say the reports about a government ban are “overblown.” |
| Rising local competition could pose another challenge. Huawei, which is under U.S. sanctions that prevent it from accessing the most advanced chips from American companies, caused a stir last week with a new smartphone. The Mate 60 Pro reportedly was fast enough to suggest the company and Semiconductor Manufacturing International Corp., China’s biggest chip maker, are making progress in producing homegrown tech to replace Western brands. |
| Some China hawks are pushing for tougher measures on Western companies operating in the country (more on that below). But American C.E.O.s want the Biden administration to maintain communication lines with China, according to Gina Raimondo, the commerce secretary. And other brands, including Tesla and Starbucks, have big operations in China that wouldn’t be easy to unwind quickly. |
| In other China news: |
| • Exports fell for the fourth consecutive month, tumbling 8.8 percent in August compared with last year. |
| • But China’s car industry is booming, with exports quadrupling in just three years, and shipyards struggling to build fleets fast enough to move vehicles overseas. |
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