SENDKING Viewpoint | China’s Glory and Power in Global 5G War
On October 31, at the PT Expo China 2019, the Ministry of Industry and Information Technology held a 5G commercialization launching ceremony with the three major operators. With the advent of the 5G era, people will see and expect infinite changes in their lives.
5G Drives Informatization to High-Speed Development Era
The 5G technology expands from the mobile Internet to the mobile Internet of Things (IoT), and 5G services extend from human-to-human communication to human-to-device and device-to-device communication. 5G will deeply penetrate into all economic and social sectors, bringing profound changes for production modes and lifestyles. Based on 4G, 5G has higher demands on mobile communication, with brand new improvements in speed, power consumption, time delay and other aspects. Hence, with 5G, business performances will be greatly improved, and the Internet will also develop from the mobile Internet era to the smart Internet era.
Obviously, 5G has higher demands on communication technologies. Apart from the long-existing requirement of higher speed, higher demands are made on power consumption, time delay, etc. Some demands have already gone beyond our understanding on the traditional communication. More application abilities should be integrated into 5G.
In the process of pursuing higher speed, lower delay, and lower power consumption, more user experiences should be provided. In the 5G era, there exist human-to-device, human-to-human, and device-to-device connections; people can share and interact with each other through the ubiquitous real-time videos; household furniture, wearing supplies, and roadside infrastructure can all be interconnected; factories operate from an automated manner to an intelligent and information-based manner; from daily life to industrial manufacturing, from health care to the Internet of Everything (IoE), 5G will give more play to IoT, Internet of Vehicles (IoV), big data, and other innovative applications so as to realize the real interconnection of everything.
In the future, apart from the single form of mobile phones, a 5G terminal may also be a smart bracelet, a pair of VR glasses, or any medium that you can reach in your life. 5G will truly change the lives of future consumers.
Speeding-up 5G Development in China Leads the Global Market
China has made rapid progresses in 5G commercialization, becoming one of the earliest countries to adopt the latest mobile communication technology. That should be greatly attributed to the support of the Chinese government. Currently, China is seeing a new round of accelerated scientific and technological revolution and industrial transformation. New technologies, applications, and business forms such as artificial intelligence, big data, and IoT have been constantly emerging. The Internet industry has gained robuster momentum and broader space for its development. 5G will be a new engine to push forward the Internet from the “maximum variable” into the “maximum increment”. 5G is a new opportunity both for the world and China.
According to the relevant experts, China has ranked top in the world in terms of 5G technology, with a number of globally leading technologies. Some representative Chinese companies, like China Mobile, Huawei, and ZTE, have demonstrated new world-leading advantages in the R&D and commercial applications of 5G. As China Netcom, China Telecom and China Mobile have been granted the 5G licenses, information-based applications will usher in an unprecedented new era.
With huge imagination space, 5G may unprecedentedly revolutionize the production modes and lifestyles of the Chinese society. It will provide new drivers and plans for China’s high-quality economic development and modern state governance.
Globally, rapid progresses are made in 5G commercialization in 2019, and the faster and larger-scale development is expected to come in 2020. Because of China’s early actions and huge economic size, plus the active technological and equipment exploration and business innovation from such leading Chinese manufacturers like ZTE and Huawei, China is expected to greatly influence the choices of Asia-Pacific and European markets. That is good news for China’s 5G industry and also lays a sound foundation for China to continue leading the global trend of the 5G development.
Vigorously Promote High-Quality Development of Chinese Economy
In the early stage of reform and opening up, China’s economy basically developed in an extensive way with “low labor cost”, “high energy-consumption” and “low production efficiency”. With the advent of an aging society and the increasing negative ecological consequences, such a development mode can hardly go on. In this context, the idea of high-quality economic development has emerged. The key to achieve the “high-quality development” is to find new technological innovation drivers. The birth of 5G has just provided new plans and choices for China’s economic transformation.
The deep integration of 5G into all fields of the Chinese real economy can promote the optimal allocation of factors and resources as well as the comprehensive combination of the industrial and value chains. Such integration conduces to the leaner production and manufacturing, preciser supply and demand matching, and more deepened industrial division and facilitates the optimization and upgrade of the traditional industries.
Moreover, China boasts the most complete industry categories, industrial chain, and industrial supporting system in the world as well as a batch of internationally renowned Internet companies represented by BAT. All these have laid a foundation for China to develop 5G.
The deep integration of the strong 5G application and digital technologies into the real economy means all equipment and devices can be connected to exchange information. That accelerates the advent of the smart era with IoE.
Financial technology is a fruit of technology-driven financial innovation. In the recent years, with the ever-deepening integration of finance and technology, technology has facilitated finance in a more and more vigorous and effective way. In the Chinese financial industry, active efforts have been made to explore the next-generation information technology to optimize and upgrade financial products, operation models and business processes; the availability of payment services has been improved, the competitiveness of financial products have been gradually enhanced, the infrastructure supporting capacities have been remarkably increased, and better and more convenient financial services have been provided to people and enterprises.
China’s development in 5G proves that this country is stepping into a new era of financial technology. To SendKing, this is also a new development opportunity. Following the idea of financial and technological innovation, SendKing will integrate financial technology into its own business operations to improve the efficiency of capital services as much as possible. In this way, enterprises can raise capital with higher efficiency and lower cost, and investors can carry out investment more conveniently and efficiently. In the future, in the development toward an international comprehensive capital service company, SendKing will put more emphases on the application of financial technology to ensure maintaining the sufficient competitiveness!
The Curriculum Vitae of Director of the International Finance Department
Florian Chen, born in Zhuzhou, Hunan Province in February 1982, graduated from Blaise Pascal University in France with a master's degree in management, currently working at Hunan Send King Financial Service Co., Ltd. (“SEND KING” for short) as the director of International Finance Department.