Beijing district sets up USD 720 million fund for 5G industry

Yizhuang district wants to pull ahead in the 5G race.

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The local government Beijing’s Yizhuang District set up an RMB 5 billion (USD 724 million) industrial fund to strengthen the 5G supply chain in order to get ahead in the 5G race, Xinhua reports.

The fund, called the Beijing 5G Industrial Fund, is backed by two existing government funds and China Jianyin Investment, a fund linked to the Construction Bank.

Beijing 5G Industrial will prioritize investment in high-tech companies from all sectors in the 5G supply chain from upstream to downstream.

Beijing is one of the cities participating in a national 5G pilot scheme, and Yizhuang District currently hosts nearly half of the city’s 5G base stations and it’s home to more than 30 5G supply chain companies.

The district is also setting up a 5G research institute which will focus on industry research, business planning, and project planning. An unnamed official from Yizhuang District told the Beijing News that the district will focus on pushing 5G infrastructure, core technology research, and application scenario planning in the future.