At a keynote session held at the Shanghai Mobile World Congress on Wednesday, Meng Wanzhou spoke about the advantages 5G can bring to consumption and the economy. Additionally, Huawei has been attempting to provide cloud services to sectors like mining and finance.
Meng Wanzhou, Huawei's Chief Financial Officer, declared on Wednesday that the process of incorporating 5G technology into business has proven to be far more arduous than anticipated. It had been presumed that 5G would facilitate self-driving vehicles and automated production plants, beyond just providing faster cellular connections for individual customers. Meng commented on how the complexity of integrating 5G into businesses had been underestimated and that it is vastly different from the previous 2G, 3G and 4G systems. She further remarked that 5G can only become a fundamental part of the working infrastructure once its implementation is able to function on a larger scale. The Chinese tech firm executive’s address on the benefits of 5G to consumers and the wider economy was held as part of a keynote speech at the Shanghai Mobile World Congress. Huawei’s market strategy includes offerings of cloud services to numerous industries such as mining and finance.
For the first time in 2022, the company revealed the figures for its cloud computing business, showing revenue of 45.3 billion Chinese yuan ($6.25 billion) for the previous year. Speaking at the Shanghai MWC, the author of “The Digital War: How China's Tech Power Shapes the Future of AI, Blockchain and Cyberspace”, Winston Ma argued that the global nature of the case studies discussed at MWC Shanghai and MWC Barcelona show that Chinese organizations have to contend with one another, which could lead to a wider use of 5G. Ma, who also serves as an adjunct professor of law at New York University, noted that there might still be obstacles ahead for Chinese companies in some traditional sectors, as they have established ways of doing things.
In 2019, the Trump administration put Huawei on a blacklist that barred U.S. companies from selling technology to the Chinese firm due to worries about national security. Since then, the U.S., the U.K. and Australia have barred Huawei from operating in their 5G networks, and recently a top EU official urged other nations in the bloc to follow suit. Germany has yet to impose any restriction on Huawei's local 5G network. These sanctions, coupled with the economic impact of Covid-19 controls in China, caused Huawei's biggest annual profit decline since 2011. In 2021, Huawei's Chief Financial Officer and Deputy Chairperson of the board, Meng, who is also the daughter of the firm's founder, returned to China – ending three years of detention in Canada following the U.S.'s request. CNBC's Arjun Kharpal and Ryan Browne contributed to this report.
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