Experts of the China Academy of Information and Communications Technology predict that 5G will boost consumption in the country by RMB 8.2 trillion (US$1.2 trillion) between 2020 and 2025, business daily newspaper Economic Observer reported on Tuesday.
Updates in smartphones and smart wearables are expected to generate a total of RMB 4.3 trillion (US$641 billion) in revenue in the five-year period. Phone vendors including Samsung, Huawei, Xiaomi, and ZTE have already launched 5G phones, which are set to be shipped in the middle of this year.
Anticipating the adoption of 5G, the Chinese government also stated in January that it will speed up the process of granting the relevant licenses.
Beijing’s 5G infrastructure is expected to be available by the end of 2019, according to an announcement made this month by Beijing Mobile, the Beijing branch of the country’s largest telecommunications operator, China Mobile.