China says list of ‘unreliable’ foreign firms coming soon

China says list of ‘unreliable’ foreign firms coming soon

To commemorate the event, Huawei has signed a deal with the Russian carrier MTS to build its 5G network as a sign of the strong partnership between the two sides.

The 5G deal was one of several cooperation agreements signed after talks on Wednesday between President Vladimir Putin and Chinese President Xi Jinping in Moscow.

According to MTS' statement, "the development of 5G technologies and the pilot launch of fifth-generation networks in 2019-2020".

It should provide some much relief to the Chinese tech giant, . which has been under intense worldwide scrutiny in recent months.

Asked whether China's move is linked to its trade war with the United States and aimed at helping Chinese companies like Huawei and ZTE, Chinese Foreign Ministry spokesman Geng Shuang told a media briefing that foreign companies are also welcome to participate in the 5G development.

Huawei says it has been stockpiling parts and diversifying its supply chain, but analysts say a long-term U.S. export ban would really hurt the company.

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The US is also warning allies, including Blighty, to block Huawei kit from their 5G networks, reiterating its well-peddled claims that the Chinese government could use the equipment for surveillance and to even incapacitate devices such as components of manufacturing plants.

The approvals will trigger investment in the telecommunications sector which will benefit top vendors such as Huawei Technologies, just as the Chinese network equipment provider struggles to overcome a US blacklisting that has hurt its global business.

The move led to an escalation in the US-China trade war, with Beijing preparing its own blacklist of "unreliable" foreign companies.

The South China Morning Post reported that deals worth $20 billion were signed between the two nations on Thursday with technology and energy among the highlights of the joint agreements. The Trump administration added the company to its "entity list".

China and Russian Federation signed deals in various sectors on Tuesday and one of the key industries that took the attention of analysts in line with the agreement to increase collaboration is energy.