Shares in Chinese telecoms companies jumped on Tuesday after the US watered down some of its biting sanctions on Chinese technology giant Huawei, over fears it was inadvertently excluding itself from global talks shaping future technologies.
On Monday the US commerce department loosened its sanctions to allow American companies to collaborate with Huawei on setting technical standards that will determine the rules of the road for 5G and other emerging technologies.
The retreat is a tacit admission by President Donald Trump’s administration that US companies are losing out by not being able to sit at the table with Huawei, plus industry associations and international bodies, after Washington added the company to the commerce department’s banned “entity list” last year.