China Mobile, the country’s largest telecom operator revealed that it will set up a 30 billion yuan (£3.4 billion) industry fund to spur the development of fifth-generation ( 5G ) mobile technologies, media reports said. The company has already set apart 7-10 billion yuan as a part of the first installment.
Earlier this month, China’s Ministry of Industry and Information Technology (MIIT) issued commercial licenses to provide 5G services to China Mobile and three other service providers.
According to China Mobile Chairman Yang Jie, the company will also invest an additional 3 billion yuan into developing 5G supported ultra-high definition videos and games.
China Mobile plans to build 50,000 plus base stations and provide 5G services in more than 50 cities across China.
According to Wang Gang, head of the Beijing Municipal Bureau of Economy and Information Technology, Major telecommunication operators such as China Mobile, China Telecom, and China Unicom have already established about 4700 5G base stations in Beijing.
Earlier Beijing Science and Technology Innovation Investment Management, Beijing Yizhuang International Investment and Development and State-owned China Jianyin Investment set up a five billion yuan ($724 million) fund to develop and roll out 5G services across China.
According to Sui Zhenjiang, vice-mayor of Beijing, 5G has become the driving force to boost China’s innovative economy and initiate high-quality development.
China Mobile controls the vast majority of its domestic mobile services market with more than 50 per cent market share.