The Chinese outfit claims that Washington's sanctions against Chinese companies have spurred panic buying of semiconductors and other supplies.

Speaking to the gathered throngs at the company's 18th Huawei Analyst Summit, Chairman Eric Xu said the US sanctions against Huawei created panic stockpiling among global companies, especially in China.

In the past, companies were barely stockpiling, but now they are building up to three or six months' worth of inventory, and that has disrupted the whole system", he said.

The US has placed Huawei and other Chinese tech companies on trade blacklists that restrict their access to American technology, citing national security risks.

"Clearly, the unwarranted US sanctions against Huawei and other [Chinese] companies are creating an industry-wide supply shortage, and this could even trigger a new global economic crisis", Xu added.