China's telecom equipment maker ZTE announced on Tuesday that it has reached a settlement with US authorities over export violation charges, agreed to pay a penalty of 892 million US dollars.

ZTE also agreed to an additional penalty of 300 million US dollars to the U.S. Commerce Department that will be suspended during a seven-year term on the condition the company complies with requirements in the agreement.

"ZTE acknowledges the mistakes it made, takes responsibility for them, and remains committed to positive change in the company," ZTE Chief Executive Zhao Xianming said in a statement.

Zhao said, ZTE has put in place a new compliance process and made major personnel adjustment. The company draws lessons and experience from this violation charge and will strive to make an example of compliance management over export control, aiming to build a compliant, healthy and reliable ZTE.

Email: gaohan@nbd.com.cn