China seeks global cooperation on technology after Huawei's US ban | Fin24
 
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China seeks global cooperation on technology after Huawei's US ban

May 26 2019 13:33
Venus Feng and Li Liu, Bloomberg

Countries should cooperate in developing the Internet, big data and artificial intelligence, China President Xi Jinping said in a letter to the China International Big Data Industry Expo that started on Sunday in the southwestern city of Guiyang, Xinhua reports.

China attaches great importance to the development of the big data industry and is willing to explore a growth path with other nations for new technologies, Xi said in the letter, according to Xinhua.

The conference, which runs through Wednesday, counts China tech giants including Alibaba Group Holding, Tencent Holdings and Huawei Technologies among its exhibitors. The US government has announced a ban on exports from Huawei and barred the Chinese company from buying components from American firms. Washington also threatened to ban five other Chinese video-surveillance businesses.

Shares of semiconductor and chip suppliers have plunged over the past month amid trade-war tensions.

Raymond James analyst Chris Caso said in a note to clients this week that he expects "many, if not most", chip companies may have to cut estimates.

"Negative total month-to-date returns for the investment-grade technology sector have been primarily driven by a semiconductor selloff, a trend unlikely to reverse until trade uncertainties dissipate," Robert Schiffman, a Bloomberg Intelligence analyst, wrote in his note on May 24.

The Huawei ban is a "rough" disruption to the market, Wang Zhijun, vice head of the Ministry of Industry and Information Technology, said in an interview on state broadcaster China Central Television. He urged the US government to stop "unreasonable suppression" of China’s integrated circuit and electronic companies.

Data security, digital economy and technical innovation are the key topics at the China International Big Data Industry Expo, according to its website.

huawei  |  xi jinping  |  us  |  china  |  technology
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