Huawei Technologies Chief Financial Officer Meng Wanzhou expresses her surprise at the challenges of applying 5G technology to business. In her keynote session at the Shanghai Mobile World Congress, Meng highlights the underestimated complexity of integrating 5G into the ecosystem. She emphasizes that 5G is fundamentally different from previous generations and can only realize operations at scale when it becomes an integral part of the business environment. Furthermore, Meng discusses the advantages of 5G technology in enhancing consumption and benefiting the economy. Huawei aims to leverage its cloud services to cater to specific industries such as mining and finance.
Huawei reports that its cloud computing business generated 45.3 billion Chinese yuan ($6.25 billion) in revenue last year, highlighting the company’s strategic focus on this sector. The case studies presented at MWC Shanghai and MWC Barcelona demonstrate the universal and global nature of 5G applications. Winston Ma, author of “The Digital War: How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace,” suggests that Chinese companies, driven by the need to compete, are more willing and prepared to explore innovative 5G applications. However, Ma acknowledges that traditional industries face barriers in transitioning to 5G due to their existing ecosystems.
Bans on Huawei 5G
In 2019, Huawei experienced its largest profit decline since 2011, attributed to U.S. sanctions and the impact of Covid-19 on the Chinese economy. The Trump administration blacklisted Huawei, restricting U.S. companies from conducting business with the company due to national security concerns, a claim denied by Huawei. Additionally, the U.S., U.K., Australia, and some EU countries, including Germany, have banned Huawei from participating in their 5G networks. Notably, Huawei’s CFO, Meng Wanzhou, who is also deputy chairwoman of Huawei’s board, recently returned to China after being detained in Canada for nearly three years at the request of the U.S.
— CNBC’s Arjun Kharpal and Ryan Browne contributed to this report.
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