China's 5G market open to Nokia with $2.24b deals signed

The Finnish telecom equipment maker Nokia has signed 15.7 billion yuan ($2.24 billion) worth of 5G deals in China, a move that analysts said showcases the country's open attitude to all international players when rolling out the superfast technology.

The move came after China officially kicked off commercialization of 5G services last week, with the nation's telecom operators announcing their 5G data plans.

Nokia said it has inked 5G cooperation frameworks with China Mobile, China Unicom and China Telecom, the big three State-owned carriers, for 2020, at the ongoing China International Import Expo in Shanghai.

So far, more than 86,000 5G base stations have already entered service in China.

Chen Zhaoxiong, vice-minister of industry and information technology, the nation's industry regulator, said earlier that China was working hard to extend 5G network coverage. By the end of this year, more than 130,000 5G base stations will enter into service to support the network, marking one of the world's largest 5G deployments.

China is set to become the world's largest 5G market by 2025, with 460 million 5G users, according to a forecast by the Global System for Mobile Communications Association, a global telecom association.

Lyu Tingjie, a telecom professor at Beijing University of Posts and Telecommunications, said the move shows again that China's 5G market is open to all players, and offer tons of opportunities to foreign telecom companies.