Huawei received $ 75 billion in aid from the Chinese state during the rise that led it to become a global telecommunications giant.
The Wall Street Journal did the math, according to which $ 46 billion was received in the form of loans and financing.
Between 2008 and 2018, it says, Huawei also saved $ 25 billion in taxes thanks to Beijing's incentives to promote the sector.
Huawei said in a statement that it had received "limited and non-material" funding to support the research. Much of the support, such as tax breaks for the technology sector, was also available to other companies, the Shenzhen company noted.
