Huawei, the privately held Chinese group, has boosted its R&D funding by almost one-third in 2014 as China’s 4G revolution marched on.

The company has increased spending 29 per cent year-on-year to $6.6 billion, while revenues rose 20.6 per cent to $46.5 billion.

Ken Hu, who shares the post of chief executive, said that in 2015 the company would spend an amount equivalent to 10 per cent of the 2014 R&D budget — $60 million — on developing 5G technology.

Huawei was founded in 1987 by Ren Zhengfei, an ex-military officer, and classes itself as an “employee-owned company”. It’s been accused by Washington of being a security threat — somey thing Huawei denies. Meanwhile whistleblower Edward Snowden revealed evidence that the NSA had tried to hack Huawei’s equipment to gain access to networks it had sold to Iran, Pakistan and Cuba.

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