Chinese operators are yet to launch commercial 5G services, but the new 5G technology has already made more than a significant contribution to the Chinese economy. There’s a whole host of new opportunities in the job market, and that's helping to boost employment rates.
On top of this, 5G technology is set to bring in huge revenue growth for the country.
Jobs grew ninefold
Zhaopin, an online recruitment platform, reported that jobs related to 5G grew ninefold between January and May of 2019. This is certainly a significant boost to the market that demonstrates just how important this technology is financially for businesses and consumers alike.
Furthermore, the average monthly salary of jobs in this industry has grown 44% to ¥15,644 ($2,212/£1703).
Whilst 5G has produced a significant number of job opportunities, that doesn't necessarily mean that these positions are being filled. Job applicants have only increased 151% this year, which sounds like a lot. However, if jobs have increased ninefold, this hasn’t been reflected in the number of specialists applying.
And with 5G being such a nascent area of specialism, the demand for experts is likely to outstrip availability for the foreseeable future, at least.
Huge economic growth
5G stocks are certainly an investable field, with huge projected revenue growth. The next-generation mobile technology is predicted to generate ¥10.6 trillion ($97bn/£75bn) and more than 3 million jobs in the five-year period.
With reports of Chinese mobile operators having 9 million 5G subscribers already before launch, these numbers are becoming increasingly easy to believe. Investors are beginning to pay attention and buy shares before the market explodes. With so many jobs and subscribers already, it’s easy to understand why.
(Via Mobile World Live.)