China sees the launch of first of its kind 5G Innovation Park

The 5G era has already begun! The "innovation park" based on fifth-generation (5G) technology has been unveiled in Hangzhou, capital of China's Zhejiang province, according to reports. It also happens to be first of its kind innovation park that is covered by 5G. It also provides conditions suitable for conducting 5G technology research in sectors such as artificial intelligence, drones, smart communities and smart logistics.

The total of 11 institutions has reportedly signed agreements for 5G industrial projects. These institutions are expected to provide 5G ventures with research and development subsidies worth up to 100 million yuan ($15 million). The agreements also cover assistance on forming the digital economy and the building of artificial intelligence (AI) research centres and smart vehicle testing platforms.

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The first phase of the park is spread across 100,000 square metres. This innovation park is expected to grow into a renowned centre for 5G technology development and application by 2025. An opening ceremony of this innovation park was attended by over a thousand people. It was held in the Hangzhou Future Sci-Tech City.

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5G technology has significantly faster transmission speed than 4G, and 5G is expected to drive a new wave of digital economic growth, helping emerging industries like mobile healthcare, virtual reality and networked intelligent vehicles.