Hangzhou (China), Jan 22 (IANS): An "innovation park" centering on fifth-generation (5G) technology has come up in Hangzhou, capital of China's Zhejiang province.

The park, located in the Hangzhou Future Sci-Tech City, is the first park in China completely covered by 5G and provides conditions for 5G technology research. The first phase of the park covers an area of 100,000 square metres.

It is expected to become a renowned centre for 5G technology development and application by 2025.

An opening ceremony was held in the Hangzhou Future Sci-Tech City, with more than 1,000 people in attendance.

A total of 11 institutions and companies signed 10 agreements on 5G technology on Sunday. The agreements included cooperation on developing the digital economy and the building of artificial intelligence (AI) research centres and smart vehicle testing platforms.

Experiments in sectors such as AI, AR/VR, drones, smart communities and smart logistics will be conducted in the park. Preferential policies will be offered to 5G ventures in the park.

With transmission speed significantly faster than 4G, 5G technology is expected to set off a new wave of digital economic growth, powering emerging industries like networked intelligent vehicles, virtual reality and mobile healthcare.