Huawei takes a significant lead in 5G race

Huawei Technologies Co Ltd has unveiled its first 5G chipset compatible with global telecom standards, as the Chinese technology giant accelerates steps to commercialize the next generation of mobile communication technology.

The move is Huawei's latest effort to take on global chip giants Qualcomm Inc and Intel Corp, which are also scrambling to enable the application of 5G in consumer electronic devices.

Known as Balong 5G01, Huawei claimed that the chip was the world's first commercial chipset to meet 5G standards. It can deliver an internet speed of up to 2.3 gigabits per second, far faster than the speeds currently reached on 4G networks. However, it remains considerably slower than the industry promises of 20 gigabits per second when 5G matures.