China likely drive $930 billion of economic output through 5G by 2030

A telecom Academy has predicted that 5G technology in China will drive 6.3 trillion yuan ($930 billion) of economic output by 2030. Beijing's China Academy of Information and Communication Technology said on Tuesday that the new generation of mobile networks will help digital industries reshape the landscape of economic development.

China's digitisation drive will be made easier with more investment into Internet sectors, stimulating data consumption and improving national competitiveness, Xinhua news agency reported. By 2030, 5G-related sectors will generate around 2.9 trillion yuan of economic value added and 8 million new jobs.

The world is in a "crucial period" of standards development for 5G and its application, the report said, calling for the government to help build Internet infrastructure and create a better business environment. The world's largest 5G test field has been built in Huairou district in Beijing, with the participation of industry giants including Ericsson, Huawei and Nokia. The country's major telecom operators plan to commercialise 5G mobile networks as early as 2020.

Telecom players Airtel and BSNL in India have signed multiple memoranda of understandings (MoUs) with telecom equipment maker and technology leader Nokia to bring 5G networks to India. This move can be seen as part of a long-term strategy to be the first to bring the latest technology to the market. The companies met earlier to start working on IoT-enabled devices in addition to the 5G network platform.

With inputs from IANS

Published Date: Jun 14, 2017 11:08 AM | Updated Date: Jun 14, 2017 11:08 AM