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5G to drive $930 billion economic output in China by 2030

5G commercializing to happen as early as 2020.

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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 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. ALOS READ: Indian standards for 5G rollout to be ready by 2018

The country’s major telecom operators plan to commercialise 5G mobile networks as early as 2020.