Beijing sets up $724m fund for 5G mobile tech efforts

Beijing on Wednesday set up a 5 billion yuan ($724 million) fund to spur development of the fifth-generation or 5G mobile technology industry, its latest effort to gain an edge in the commercialization of 5G tech.

The fund was established jointly by the Beijing Science and Technology Innovation Investment Management Co Ltd, Beijing Yizhuang International Investment and Development Co Ltd and State-owned China Jianyin Investment Ltd. It will focus on investing in leading high-tech firms across the entire 5G industrial chain.

"At present, 5G has become the driving force to boost China's innovative and high-quality development," Sui Zhenjiang, vice-mayor of Beijing, said on Wednesday during a 5G industrial development and investment summit held in Yizhuang, in southeastern Beijing.