ZTE Corp vows to ratchet up its spend on burgeoning 5G

China's ZTE Corp said it will invest 2 billion yuan ($294.8 million) in 5G research and development each year, as China steps up its efforts to build the world's biggest 5G network and to commercialize 5G services in 2020.

Cui Li, vice president of ZTE's wireless product operations division, said her group's R&D spending on 5G would further increase on "a wide range of fields such as infrastructure construction, terminal devices, chips, internet of vehicles, internet of things and big data."

ZTE has invested more than 1 billion yuan annually in the R&D of 5G, with more than 2,000 experts in China, Japan, Europe and North America focusing on leading-edge research into key technologies.