Chinese tech giant Huawei's founder and chief executive Ren Zhengfei says the concerns about the country’s shortage in chips and operation systems have been eased.

Ren made the comments at a meeting with President Xi Jinping and the country’s most prominent private entrepreneurs earlier this week, state media People’s Daily reported.

Ren said he believes a greater China will rise more rapidly, according to the report.

The development of China's chip manufacturing sector has been a major task for the government for decades, and the concerns have only deepened following the United States' moves to curb the country's purchases of cutting-edge equipment over the past few years.