Beijing Takes First Step Into 5G Financing With USD724 Million Fund
Liao Shumin
DATE:  May 31 2019
/ SOURCE:  yicai
Beijing Takes First Step Into 5G Financing With USD724 Million Fund Beijing Takes First Step Into 5G Financing With USD724 Million Fund

(Yicai Global) May 30 -- Beijing's municipal government has launched a CNY5 billion (USD724.2 million) fund for high-tech companies with leading fifth-generation wireless technologies and set up a 5G research institute.

Jointly formed by state-backed investment and financing platform Beijing Yizhuang International Investment and Development, Beijing Science and Technology Innovation Investment Management and China Jianyin Investment, it is the first 5G industrial fund the capital city's government has invested in, the Beijing News reported yesterday.

Beijing is a pilot city for 5G construction and application. Half of its 5G base stations are located in the Beijing Economic and Technological Development Area, which is already home to over 200 experimental stations, of which more than 50 have started operating. Another 200-plus are expected to be up and running at the end of the year, achieving full 5G coverage within a 60-square-kilometer radius.

The new 5G research center will focus on developing upstream chips, radio frequency devices and innovative applications under various 5G scenarios, such as artificial intelligence, industrial internet and mobile medical care.

Earlier this month, Yizhuang International announced plans to collaborate on injecting CNY10 billion into Nio, with the Chinese electric car startup saying it will set up a new entity called Nio China in the Beijing Economic and Technological Development Area.

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Keywords:   Beijing,5G