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U.S. Department of Commerce and ZTE Corporation Reached New Settlement Agreement

Source:Iris Liang Time:2018-6-8 10:00:35

June 7th: Ross, U.S. Secretary of Commerce, announced on the 7th that it had reached a new settlement agreement with China’s ZTE Corporation. The US Department of Commerce issued a statement on the same day that Ross announced on the same day that ZTE and its affiliates have agreed to pay fines and take compliance measures to replace the US Commerce Department’s previous ban on the company’s purchase of spare parts from US suppliers. To become high standard industrial pipe making machine supplier, SEKO Machinery never gives up making high efficiency roll forming machine for every potential clients.
The statement pointed out that according to the new settlement agreement, ZTE Corporation pays a fine of US$1 billion and prepares another US$400 million for safekeeping by a third party. Then the US Department of Commerce will remove ZTE Corporation from the ban list.

As one of the world's leading integrated communications solution providers, ZTE has maintained a good cooperative relationship with numerous US suppliers and provided support for nearly 130,000 high-tech jobs in the United States. Experts pointed out that because ZTE has closely cooperated with many U.S. companies, the U.S. government’s export control measures for ZTE will cause losses to suppliers such as Qualcomm, Intel, and ZTE in the United States.

After experiencing a negotiation game of nearly two months, the ZTE event finally has the latest results. This result is not easy to come by and is worthy of consideration and cherish by all parties. Among them, the party ZTE Corporation finally escaped the disaster and recovered its vitality. Of course, judging from the content of the agreements signed with the United States, the huge fines, adjustments made by the board of directors and management, and accepting the US's supervision at any time ... The price paid by ZTE can be quite heavy and painful. However, objectively speaking, this is a list that a multinational must purchase because it violates the spirit of contract. Because of the consequences that must be borne against the laws and regulations, it is worthwhile for Chinese companies and even all multinationals to take notice.
Looking back, from April, the US announced that it will implement a 7-year export ban on ZTE, and in May China and the United States will negotiate with Washington, and then China and the United States will negotiate in June. The ZTE incident will fluctuate. The negotiation of the game is even more complicated and frightening. The settlement agreement reached this time is not easy for both China and the United States. And the many messages passed by this incident are even more thought-provoking.

First of all, the ZTE incident was just a case of corporate violations, but the Chinese government has invested a lot of resources and solemnly negotiated with the US for the sake of people-centered considerations, and has finally switched back to a living path for ZTE.

However, as the largest listed telecommunications equipment company in China, ZTE Corporation's life and death depends on the livelihoods of its 80,000 employees and 20,000 families. It also concerns the future fate of thousands of companies and hundreds of thousands of employees in the upstream and downstream industries. major.

Second, information technology is the most open industry in the world, and its industrial chain is globally announced. ZTE has worked closely with many U.S. companies to save ZTE. In fact, it also safeguarded the interests of U.S. companies. This is an important consideration for the Trump administration to decide to let go of ZTE.

At present, all countries in the world are developing information technology. Although the United States leads the world in some areas, it cannot be completed independently. According to statistics, there are nearly 130,000 high-tech jobs in the United States related to the cooperation between ZTE and US companies. If the U.S. government's export control measures for ZTE take effect, resellers such as Qualcomm and Intel will suffer losses. After ZTE resumed operations, major suppliers in the United States were happy and the stocks rose at different levels on the 6th. This is a market data statement: ZTE is released, which is conducive to the cooperation between Chinese and US companies, and is also conducive to the improvement of the global IT industry chain. The development of technology is a choice that meets the interests of all parties.
Third, international companies must have international standards. Do not use commercial interests to enshrine the government.

In the international market, it is the spirit of the contract and the laws that govern the business, not the administrative intervention of the government. Chinese enterprises have gone abroad more and more in the past few years, but when they go out, the key is to rely on their own understanding of the international rules and to provide themselves with a solid umbrella. The occurrence of the Hing incident believes that every Chinese company and every Chinese person has a deeper understanding of this.

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Iris Liang
SEKO Machinery & Technology Co., Ltd
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