Huawei to spend two billion USD on cyber security

Huawei Technologies said on Tuesday it would spend two billion U.S. dollars over the next five years on cyber security.

The Chinese tech giant said it plans to employ more staff and upgrade lab facilities.

Huawei chairman Hu Houkun rejected allegations about the company's network security, telling reporters that no evidence had been presented to back them up. And he said no one can improve by locking out competitors.

The chairman also confirmed that Huawei had secured more than 25 commercial contracts for 5G networks and said company revenue is on track to reach 100 billion U.S. dollars this year.

(CGTN)