China's tech giant Huawei will invest 100 billion USA dollars in the next five years to make network infrastructure more efficient and reliable, Huawei founder and CEO Ren Zhengfei said Monday.
"We did not expect they would attack us on so many aspects", Ren said, speaking at the company's Shenzhen headquarters Monday.
Initially the company was expecting to post revenues of $125 billion to $130 billion this year (up from $104 billion in 2018), but has now reduced its estimates for this year to just $100 billion.
The U.S. trade ban has hit Huawei in a big way, but the exact financial implications had so far remained unclear.
Last month it also added Huawei to an "entity list" of companies barred from receiving US-made components without permission from Washington, though the company was granted a 90-day reprieve for now.
"We strongly oppose the extreme political crackdown on Huawei by the USA government without any concrete evidence", he said.
The company will try to offset the decline in sales by targeting half of China's smartphone market in 2019 while company's chief executive said that the USA restrictions would only slow down Huawei's growth every so slightly.
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The ban has been eased slightly to allow a temporary general license that lets Huawei purchase USA goods.
In December, Huawei chief financial officer Meng Wanzhou - Ren's daughter - was arrested in Vancouver at the request of US authorities.
Ren also confirmed that Huawei's worldwide smartphone shipments had dropped by 40%, but said Chinese growth is "very fast".
Washington claims Huawei poses a national security threat because it is beholden to China's ruling Communist Party. Ren said there are no backdoors in its equipment that anyone could access, and that Huawei is willing to enter into a no backdoor agreement with any nation that wants one.
Both reports indicate that neither Huawei nor its American partners have been as steadfast in the face of the usa blacklisting as they seemed. Huawei will cut production in the next two years. After this step, Huawei will become stronger and will continue to cooperate with American companies in the future.
However, such measures will not stop Huawei from improving, he said. "It's about preventing harm to American companies", one of the people said.
This story has been published from a wire agency feed without modifications to the text.
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