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March 6, 2020

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New 5G network to spawn 3 million jobs

Investment into China’s 5G network will total 3.5 trillion yuan (US$504 billion) and create 3 million jobs by 2025 to become a catalyst and key part of the national economy, a researcher with China’s top industry regulator said yesterday.

Besides brick and mortar construction, technology and innovation investment will become a new kind of “basic infrastructure” in the digital world, according to the central government and the Ministry of Industry and Information Technology.

By 2025, investment in 5G network construction will total 1.2 trillion yuan. A 5G network upgrade will hit 500 billion yuan by 2025.

In addition to upgrades in other industries, such as transportation, energy and agriculture, total 5G-related investment will total 3.5 trillion yuan by 2025, said the China Academy of Information and Communications Technology, a research organization under the ministry.

“These investments will fuel smart and digitalized business transformations and boost economic development in a more innovation-driven way,” said Wang Zhiqin, CAICT’s vice director.

China’s 5G industry will create more than 3 million jobs by 2025, creating new information-consumption services valued at more than 8.3 trillion yuan.

The 5G-fueled services will include high-definition video and virtual reality services.

The 5G network offers Chinese users 20 to 50 times faster Internet access compared to current 4G networks with significantly lower latency.




 

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