The world is at "critical tipping point" in terms of its digital transformation, according to Liang Hua, chairman of Huawei, who stressed that collaboration and openness were "the only way forward" in Europe's digitization.  

Speaking during the 2020 Web Summit, Liang's comments come in the wake of several European countries deciding to block the Chinese tech firm from taking part in the rollout of their 5G networks amid U.S. pressure. 

Liang said that while a "smarter, better, greener life" awaited Europe amid so many technologies breaking ground in recent years, "only a fully collaborative world can balance economic growth with environmental protection."

The Chinese tech executive focused on the advent of 5G internet technology, which he said would serve more than half of the global population by 2025, alongside other breakthroughs in areas such as cloud computing and artificial intelligence as driving forces behind future markets.

"Digital innovation is taking us to a new era of intelligence," said Liang, adding that "a smarter, better greener life is on the horizon" because of recent technological leaps, highlighting how it could help reduce Europe's carbon footprint. 

He also pointed to the role that tech had played in helping tackle the novel coronavirus through telecommuting, video conferences and online education, saying that now was the time to grow the digital economy. 

"By 2025, more than 30 percent of global GDP will come from the digital economy, and Europe is no exception," he said, adding that such a moment presented "huge opportunities."

However, he stressed that "data can only create real business value under a global governance system that is open, collaborative, secure and trustworthy."

"The more technology is used, the more standardization and governance are needed," said Liang, adding that "there must be better privacy protection and a transparent and actionable trust mechanisms." 

He added: "The world is at a critical tipping point. I see now that technologies are merging to drive industry digitalization.

"We believe online collaboration needs to share the success and openness needs to progress. This is the only way forward."