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Huawei Slams WSJ Report Alleging Chinese Government Support

Misc News - Published on Fri, 27 Dec 2019

Image Source: Huawei
Chinese telecom giant Huawei has lashed out at a The Wall Street Journal report detailing how the Chinese government has propped up the telecom giant. Huawei said “The story is based on false information and poor reasoning. This article speculates wildly about how Huawei has become what it is today. Like other tech companies that operate in China, including those from abroad, Huawei receives some policy support from the Chinese government. But we have never received any additional or special treatment. The Wall Street Journal is a professional media outlet, so we have to question its motives and purpose for publishing this article. It may take legal action following several disingenuous articles in the paper.”

The Wall Street Journal reported that Huawei has become one of the globe’s leading telecom companies thanks in part to USD 75 billion worth of loans, tax breaks and other Chinese state financial support over the last two decades. WSJ said “Roughly USD 46 billion of China’s support for Huawei has come from state lenders in the form of credit lines, loans and other help. Huawei also got USD 25 billion in tax breaks between 2008 and 2018 thanks to government programs meant to boost the tech industry. The company also reportedly got some USD 2 billion in land discounts and USD 1.6 billion in grants.

The Journal said its findings were based on public documents such as company statements and land-registry records. The paper had its work checked by subsidy experts such as Good Jobs First, a US nonprofit that advocates for accountability in economic development.

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Posted By : TelecomGuru on Fri, 27 Dec 2019
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