The signing ceremony for China (Hangzhou) 5G Innovation Valley is held in Hangzhou, capital of Zhejiang province, on April 11. [Photo/zjol.com.cn]

China (Hangzhou) 5G Innovation Valley, a joint venture of Xiaoshan district of Hangzhou, 5G Research Institute, Winreal Investment and Zhejiang Torch Center, was established in Hangzhou, Zhejiang province on April 11.

The valley, located in Xiaoshan district of Hangzhou, is composed of the Zhejiang 5G Research Institute, a 5G industrial park and an industrial fund worth 2 billion yuan ($298.95 million).

According to the agreement, the research institute will focus on 5G mobile edge computing and other applications, while the industrial park will strive to become a highly influential 5G development hub featuring abundant 5G resources and a robust industrial service ecosystem.

The park is expected to introduce 20 high-quality 5G enterprises in its first year, 30 in its second year and 50 in its third year. 

The fund will be used to invest in promising 5G enterprises in Xiaoshan district, Zhejiang and the entire country.

With competitive advantages in industrial ecology, application scenarios, and innovation, Xiaoshan will seize this opportunity to provide enterprises and talents with optimized services in hopes of accelerating the development of 5G, said Tong Jiali, Party secretary of the district.

The 5G Innovation Valley will give full play to its advantages in technology, capital and policies by establishing platforms and attracting more enterprises in the industry, according to a local official.