LINE

Text:AAAPrint
Economy

China, U.S. near deal to settle ZTE sales ban

1
2018-05-22 14:46CGTN Editor: Gu Liping ECNS App Download

The United States and China are nearing a deal that will remove an existing order banning American companies from supplying Chinese telecommunications firm ZTE Corp, reported Reuters and the Wall Street Journal, citing unnamed sources.

ZTE, in return, was asked to make significant changes to its management and board of directors.

The Wall Street Journal quoted people with knowledge of the matter as saying that the details "are still being hammered out."

The deal, if completed, would give ZTE a major reprieve, as the seven year ban announced in April on the company has threatened to put the company out of business.

However, the possible relaxation of the ban by the US side will have to pass U.S. national security reviews, it added.

Also on Monday, U.S. Treasury Secretary Steven Mnuchin told CNBC that "the intent was not to put the company (ZTE) out of business."

U.S. Commerce Secretary Wilbur Ross, who oversees the ZTE case, was reportedly scheduled to go to Beijing next week.   

(with input from Xinhua)

  

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.