Thursday, Oct 22nd 2020 3:13 PM
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Market Digest Nigeria

Business

China set to ban foreign technology by 2022

China

China is set to ban foreign technology by 2022. The Chinese government in Beijing has ordered all government offices and public institutions to remove foreign software and computer equipment in the next three years.

According to the Financial Times report that cited a confidential policy nicknamed “3-5-2”, this policy states that 30 percent of the substitutions should take place in 2020, followed by 50 percent in 2021 and 20 percent in 2022.

The decision behind the policy that was released earlier this year by the Chinese Communist Party central office was greatly influenced by the exclusion of Huawei from the US market by the United States of America over the issue of threats to national security.

However if this policy is implemented, US companies like Microsoft, HP and Dell will be greatly affected as these technology companies generate as much as 150 billion dollars in annual revenue from China.

 

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