China Mobile set up a 30 billion yuan

China’s largest telecommunications operator, China Mobile, said on Tuesday it will set up a 5G industry fund for 30 billion yuan and has already raised the first tranche of 7-10 billion yuan.

China Mobile Chairman Yang Jie made the announcement at a press conference in Shanghai, according to a transcript of his speech delivered by the company.

He did not set a time limit for the fund.

Yang also said China Mobile will invest 3 billion yuan in 5G content development, such as videos and ultra-high definition games.

In 2019, China Mobile plans to build more than 50,000 5G base stations in China and provide 5G services to more than 50 cities, he said.

China issued a 5G license earlier this month./

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