Biz / Tech

Internet conference told of 5G progress

Zhu Shenshen
Deputy minister tells forum in Wuzhen of latest developments while Xiaomi chief says consumer demand is much higher than the industry had expected.
Zhu Shenshen

Hot topics at the ongoing the Sixth World Internet Conference were 5G technologies, industrial Internet and fintech. 

In China, 18 5G models have been tested by the industry regulator, the final step before being approved for sale, Chen Zhaoxiong, deputy industry and information technology minister, told a forum of the event. 

“The consumers’ demand for 5G is much higher than the industry expected,” said Lei Jun, chief executive of Xiaomi Corp. 

Xiaomi plans to released more than 10 5G models in 2020, Lei said in Wuzhen.

China’s industrial Internet is developing rapidly. There are about 50 influential industrial platforms nationwide, connecting 650,000 core industrial devices. There are 1,950 professional industrial applications, covering about 100 industrial sectors, according to the ministry.

With 5G development, the industrial Internet is going into a “fast track” with high connection speeds and low latency features, said Wu Hequan, an academician with the Chinese Academy of Engineering. 

Compared with the 4G era, people can enjoy upgraded services with faster Internet connections and lower latency, which makes banking and other financial services more accessible and customized. 

With facial or eye recognition technologies and 5G networks, people can access accounts and setups and finish payment easily, based on other technologies such as artificial intelligence and cloud computing, said Ye Daqing, CEO of New York-listed Jianpu.

Jianpu is an independent online platform for the discovery and recommendation of financial products in China. The 5G networks are expected to bring it more business opportunities.

Internet conference told of 5G progress
Zhu Shenshen / SHINE

Visitors at a 5G zone during an exhibition at the Sixth World Internet Conference in Wuzhen.

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