Huawei’s Founder has shared concern in China after warning of a “very painful” decade ahead. According to him, mainland, China would suffer through tough market conditions.
Mr. Ren Zhengfei, sent a blunt company-wide memo to staff earlier this week, according to local media. As per the letter, the company is trying to survive by focusing on cash flow and profit and that expansion and growth was no longer a priority.
“The next decade will be a very painful historical period, as the global economy continues to decline,” Mr Ren reportedly said in the leaked missive.
Mr Ren also partially blamed Huawei’s struggles on Western countries including Australia, mentioning a “continued blockade” in his message.
Australia was the first country to ban Huawei products in 2018 over national security concerns. After that several countries joined the race including the US, New Zealand, and the UK. Meanwhile, in May this year, Canada also did the same.
“In the past, we embraced the ideal of globalisation and aspired to serve all mankind, so what is our ideal now?” wrote Ren.
“Survive and earn a little money where we can. From this point of view, we need to adjust the market structure and study what can be done and what should be abandoned.”