Huawei shuts down report of receiving $75 billion support from Chinese state

Huawei has called WSJ a “disingenuous and irresponsible” over its claim that the Chinese government has held $75 billion in support for Huawei to become the number one player in the telecom world.

Huawei through a statement said the article published by WSJ is based on false information, poor reasoning and speculated wildly about the company’s growth.

In response to WSJ’s report, the Chinese tech giant presented the fact that it is in the industry for the past 30 years, supported by 190,000+ employees. Coming to its finances, Huawei says it has invested a total of more than 73 billion USD over the past decade in research and development.

Alone in 2018, R&D spending reached USD 15 billion, making it the 5th largest R&D spender in the world including 4 billion USD on 5G, which is more than the combined total of all major US and EU vendors.

To clear its stand on relations with the Chinese government, Huawei said that it’s no different than any other private company that operates in China and it has never received special treatment. Over the past 10 years, 90% of the company’s capital comes from business operations.

The US administration has been alleging Huawei of using its network equipment to steal national secrets and operates under Chinese law, these claims are completely denied by the company.