The Latest: China's Hikvision serious over US curbs on sales

BEIJING (AP) -- The Latest on trade tensions between China and the United States (all times local):

6:35 p.m.

A Chinese video surveillance company says it is taking concern about the use of its technology seriously following a report that the U.S. may block several Chinese surveillance companies from buying American components.

Hikvision said in a statement Wednesday that it "has engaged with the U.S. government regarding all of this since last October" and retained an American lawyer to advise it on human rights compliance.

Bloomberg reported earlier that the Trump administration may blacklist Hikvision and several others because of concern about their role in a crackdown on ethnic Muslim Uighurs in China's Xinjiang region.

The U.S. has already restricted technology exports to Chinese telecom equipment giant Huawei because of concern that it poses a cybersecurity risk.

Hikvision said in its statement that it "takes cybersecurity very seriously."

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4:32 p.m.

China is cutting taxes on its fledgling software and integrated circuit industries to spur development in the face of U.S. export controls that threaten to handicap Chinese tech companies.

The Finance Ministry's announcement Wednesday comes amid tension over Washington's decision to restrict technology exports to Chinese telecom equipment giant Huawei and other companies.

Chinese makers of smartphones and other products rely on U.S. components but Beijing is spending heavily to develop its own suppliers.

The Finance Ministry said software and integrated circuit companies founded before the end of 2018 will owe no income tax for their first two years and the rate will be cut by half in the third through fifth years.