Chinese telecom major Huawei announced that it is open to transfer 5G technology, including the source code, hardware design secrets, etc. to facilitate global innovation.

Huawei holds the maximum number of patents for 5G technology and is followed by U.S. chip maker Qualcomm, according to industry reports.

'We are open to transferring all of our 5G technologies, not just licensing production to others. This will include source programs and source code to all the hardware design secrets as well as the know-how, and the chip design,' Huawei founder and CEO Ren Zhengfei said at the opening ceremony of the intelligent mining innovation lab in Taiyuan.

The U.S., Australia, the U.K. and some European countries have barred Huawei equipment alleging security threat from them.

Calling for open trade policies, Zhengfei said, 'Both the U.S. and China need to develop their economies, as this is good for our society and financial balance. Everyone needs this. As humanity keeps making progress, no company can develop a globalized industry alone. It requires concerted efforts around the world.' Indian government has also proposed telecom companies to keep source code, the main software that controls function of an equipment, in an escrow account for security purposes.