Huawei has fought back against allegations that it is government-funded, telling reporters at a press briefing in Shenzhen that "Most of what the US government says, as we all know, is not true".

Jiang Xisheng,  board secretary, was responding to allegations in The Times of the UK that the CIA had told spy chiefs that Huawei has taken money from the People’s Liberation Army, China’s national Security Commission and a third branch of the nation’s state intelligence network, the paper reported, citing an un-named UK source. 

“There is no government capital in Huawei,” said Mr Jiang. “Huawei’s bonds are mostly in Hong Kong and overseas capital markets. We so far have not issued bonds on the mainland. Our bank loans, the majority is in overseas, around 70 per cent.”