China Bans Purchases from 46 U.S. Companies for Government Procurement

China's Ministry of Finance announced this Monday a ban on purchasing products from 46 U.S. companies for government procurement.

According to the new measure, entities participating in China's government procurement are prohibited from buying products from 46 U.S. companies, including Lockheed Martin Corporation and Raytheon Missiles & Defense.

The measure was approved in accordance with relevant Chinese laws and regulations, the ministry stated, adding that the restriction does not apply to companies with U.S. investments operating in China.

The measure takes effect from the date of the prohibition's publication.