Beijing, Reacting to reports that it got as much as $75 bilion in state support from China, Chinese telecom and smartphone giant Huawei has denied the alleged special treatment and called them “wild accusations”.
Tens of billions of dollars in financial assistance from the Chinese government helped fuel Huawei Technologies Co.’s rise to the top of global telecommunications, a scale of support that in key measures dwarfed what its closest tech rivals got from their governments, claimed a report in The Wall Street Journal.
Reacting to it, Huawei responded in a string of tweets on Thursday: “Once again, the WSJ has published untruths about Huawei based on false information. This time, wild accusations about Huawei’s finances ignore our 30 years of dedicated investments in R&D that have driven innovation and the tech industry as a whole.”
The tech behemoth also said that it reserved the right to take legal actions against the WSJ for “a number of disingenuous and irresponsible articles”.
The company emphasised its research and development spending as the reason for its ongoing success, noting that over the last 30 years it has spent between 10 to 15 per cent of its annual revenue developing new technologies and products.
“Every tech company in China is entitled to subsidies, as long as they meet conditions. Over the past decade, #Huawei has received government subsidies amounting to less than 0.3 per cent of our total annual revenue. The figure was just 0.2 per cent for 2018,” the company added in a tweet.
