One Belt, One Road, One ZTE: Chinese telecoms giant says revenue could hit US$30b by 2020 if 5G plans stay on song
Company also intends to capitalise on China’s plan to re-establish a Maritime Silk Road and economic belt, as well as upgrade its manufacturing sector to compete with industrialised nations by 2025
ZTE, China’s largest-listed telecommunications equipment manufacturer, plans to shore up its research and development capabilities to push forward innovation that will drive sales growth over the next several years.
Shi Lirong, the president and chief executive at ZTE, said on Tuesday that the company was well-positioned to expand its global business and reach its annual revenue goal of 200 billion yuan (US$30.83 billion) by 2020.
In his year-end message to the company, Shi said ZTE will be able to hit that annual revenue target on the back of growing infrastructure development projects with telecommunications network operators, enterprises and governments at home and abroad, as well as new initiatives in the semiconductor industry.
Shenzhen-based ZTE has also budgeted expenditure totaling about US$220 million worldwide on developing 5G and other advanced mobile communications technologies from this year to 2018.
The company is also investing 4 billion yuan to build a new research-and-development hub and manufacturing complex with a gross floor area of 260,000 square metres in Changsha, the capital of Hunan province in central China, according to its filing with the Hong Kong stock exchange on Monday.
That vast facility will be engaged in developing and producing various smart mobile devices, storage products and software related to so-called cloud computing applications.