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China Mobile will set up a $4 billion (5 G industrial fund

FILE PHOTO: A man walks past the China Mobile’s logo at the Mobile World Congress in Barcelona, Spain, February 28, 2018. REUTERS/Sergio Perez

HONG KONG (Reuters) – China’s largest telecom operator-China Mobile said on Tuesday it is setting up a 30-billion-yuan ($4.36 billion) to 5G, industry fund, and has already resulted in the first delivery of 7 to 10 billion yuan.

China Mobile’s Chairman, Yang Jie, made the announcement at a press conference in Shanghai, according to a transcript of his remarks provided by the company.

He did not specify a timeline for the plan.

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

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

China issued the 5G license earlier this month.

Reporting by Sijia Jiang; Editing with the ipad, Himani

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