China Telecom (0728. HK) said Tuesday on its official WeChat account that it invested 3 billion yuan ($434 million) in the China Telecom Quantum Information Technology Group Co.
The announcement stated the new business, based in Anhui, China, will research quantum technology, accelerate quantum product upgrades, and promote the industry countrywide.
The latest investment by a Chinese telecommunications company to delve into quantum technology shows Beijing’s desire to lead the race to harness quantum computing.
“[This] is a practical action to thoroughly study and implement the spirit of General Secretary Xi Jinping’s important instructions on the development of quantum technology,” China Telecom said.
Governments and organizations worldwide have praised quantum computing’s ability to address complicated statistical issues for years.
China Mobile, the world’s largest telecom carrier with 900 million mobile subscribers, announced a contract with Chinese firm Origin Quantum last December to deploy quantum computing to address 5G and 6G computational constraints.
Quantum computing applications are relatively primitive and limited to a few clients. Nevertheless, IDC predicts global governments and enterprises will invest $16.4 billion in quantum development by 2027.
