Huawei to invest $100b on more efficient network

SHENZHEN - China's tech giant Huawei will invest $100 billion in the next five years to make network infrastructure more efficient and reliable, Huawei founder and CEO Ren Zhengfei said Monday.

Despite the financial blows the company is bearing, Ren said there was no plan to reduce research spending and promised to make more contributions to theoretical science in the future.

The attacks from the United States cannot stop Huawei from moving forward, Ren said.

Ren estimated that the company's revenues could drop to around $100 billion this year and the next, but he expected a revival in 2021.

He said the major goal for human society is to create wealth and help more people to shake off poverty. Only through collaboration and development can humans' needs be met, he said.

Ren made the remark when having a dialogue with US futurist George Gilder and Nicholas Negroponte, co-founder of Massachusetts Institute of Technology's Media Lab, at Huawei's headquarters in Shenzhen.