The Geopolitical Implications, Policy Challenges, and Investment Opportunities of 5G Development

To: Michael K. Barry
From: Kaylin Hu and Charlie Wang
Date: July 29, 2019
RE: The Geopolitical Implications, Policy Challenges, and Investment Opportunities of 5G
Development

Introduction

Following the arrest of Meng Wanzhou, the Chief Financial Officer of Huawei Technologies, in
December 2018, as well as the ongoing trade war between China and the United States, 5G has
become a hot topic for the news media as well as a bargaining chip on the negotiation table for the
trade talks in recent years. 5G has also drawn the attention of President Trump who has called for 1
the deployment of this “more powerful, faster, and smarter” standard, and he hails American
companies to “step up their efforts, or get left behind” in the 5G race. On the other side of the 2
world, President Xi of China also signed a trade deal with President Putin of Russia in June 2019 on
deploying 5G infrastructure, such as cell towers and data centers, in Russia using Huawei’s
technologies. 3

The recent global news made us question the impact of 5G on geopolitics and the future of the
world. Why is 5G different to 4G? How will 5G affect geopolitics and the balance of power in the
future? How will the global marketplace and the global labor market be affected by 5G? How can
governments adapt to this incoming disruption? In this paper, we will examine the advantages of 5G
in international business and its investment opportunities in the future as well as examining the
disruptions of 5G in the global labor market and geopolitics. We argue that the acceleration in the
1
"Huawei C.F.O. Is Arrested in Canada for Extradition to the U.S. - The ...." 5 Dec. 2018,
https://www.nytimes.com/2018/12/05/business/huawei-cfo-arrest-canada-extradition.html. Accessed 25 Jul. 2019.
2
"Donald Trump says he wants the US to lead in '5G, and even 6G ...."
https://www.scmp.com/tech/big-tech/article/2187190/donald-trump-says-he-wants-us-lead-5g-and-even-6g-wireless-t
echnology. Accessed 16 Jul. 2019.
3
"China's Huawei signs deal to develop 5G in Russia - South China ...."
https://www.scmp.com/news/china/article/3013286/chinas-huawei-signs-deal-develop-5g-russia. Accessed 16 Jul.
2019.
1

scope, scale, and economic impact of 5G is changing the economic and the political dynamism of
the world both positively and negatively. Positively, 5G will accelerate flows of trade, capital, people,
and data while creating new investment opportunities for people with all trades especially in China.
Negatively, the transition from 4G to 5G will be more turbulent than the transition from 3G to 4G.
Both the developed and emerging markets have to adapt to the new disruption technologically,
economically, politically, and socially to maximize the potential of 5G. Furthermore, 5G will lead to
a new technological Cold War between China and the United States that coopetition, both
cooperation and competition between nations, will be the new norm.

What is 5G?

5G Minimum Performance Requirements 4
Data Rate Downlink* Uplink**
Peak Data Rate 20 Gbit/s 10 Gbit/s
Peak Spectral Efficiency 30 Gbit/s/Hz 15 Gbit/s/Hz
User Experienced Data Rate 100 Mbit/s 50 Mbit/s

Latency*** eMBB uRLLC
User Plane Latency   4ms 1ms
Control Plane Latency   20ms
Connection Density   1,000,000 devices/km^2
Radio Wave Frequency   3Hz - 300GHz
*Transmission from the network to the device
**Transmission from the device to the network
***The time required for a packet of data to travel round trip between two points

Due to the fact that 5G waves have a spectrum of radio wave frequencies from 3 Hz to 300 GHz,
every portion of the spectrum has a range of frequencies (bands) that go by a specific name. There
are three key frequency ranges that 5G will cover: 5
- Sub-1 GHz
4
"Minimum Technical Performance Requirements for IMT-2020 ... - ITU."
https://www.itu.int/en/ITU-R/study-groups/rsg5/rwp5d/imt-2020/Documents/S01-1_Requirements%20for%20IM
T-2020_Rev.pdf. Accessed 26 Jul. 2019.
5
"5G Spectrum - GSMA." 5 Nov. 2018,
https://www.gsma.com/spectrum/wp-content/uploads/2018/11/5G-Spectrum-Positions.pdf. Accessed 26 Jul. 2019.
2

- This range of frequency is slower than the others, but covers a larger distance,
allowing for widespread coverage in rural, suburban, and urban areas
- This frequency range will also be instrumental in IoT services
- It encompasses a portion of the Ultra-High Frequency (UHF) 6
- This spectrum has applications in TV broadcasting, GPS, WiFi, phones,
bluetooth, etc
- Radio wave frequency range: 300 MHz - 3 GHz
- 1-6 GHz 7
- This range allows for a good combination of coverage and capacity
- As this range encompasses frequencies that are six times that of the prior range, a
greater amount of data can be transmitted while still retaining relatively long
wavelengths, enabling greater coverage
- Above 6 GHz 8
- This spectrum of frequency has incredibly fast speeds, and it covers shorter
distances. Hence, this spectrum of frequency will mainly be used in urban areas
- It encompasses the Extremely High Frequency (EHF) range, also known as the
Millimeter band
- This is a popular choice for 5G, and this spectrum of frequency has
applications in radio astronomy, telecommunications, and radar guns
- Radio wave frequency range: 30 GHz - 300 GHz

In comparison to 4G which uses frequencies below 6 GHz, mmWaves for 5G use extremely high
frequencies in the 30 GHz to 300 GHz range. High frequencies can support a huge capacity for 9
faster data. They are less clustered with existing cellular data, such as 3G frequencies and 4G
frequencies, and can be used in the future for increasing bandwidth demands. Furthermore, they are
highly directional and can be used right next to other wireless signals without causing interference. 10
In comparison, 4G towers fire data in all directions which is wasteful because some locations are not
always requesting access to the internet . Additionally, shorter wavelengths, such as the one that 11
mmWave has, means that antennas can be much smaller than existing antennas for 4G while still
providing precise directional control. Therefore, one base station can utilize even more directional
6
"5G Spectrum and Frequencies: Everything You Need to Know - Lifewire."
https://www.lifewire.com/5g-spectrum-frequencies-4579825. Accessed 25 Jul. 2019.
7
"5G Spectrum - GSMA." 5 Nov. 2018,
https://www.gsma.com/spectrum/wp-content/uploads/2018/11/5G-Spectrum-Positions.pdf. Accessed 26 Jul. 2019.
8
Ibid.
9
"How Are 4G and 5G Different? - Lifewire." https://www.lifewire.com/5g-vs-4g-4156322. Accessed 26 Jul.
2019.
10
Ibid.
11
Ibid.
3

antennas, and as a result, 5G can support over 1000 more devices per 1 square meter (10 square
feet) than 4G. 12

Moreover, 5G networks can more easily understand the type of data being requested and can switch
into a lower power mode when not in use or when supplying low rates to specific devices but then
switch to a higher powered mode for activities like HD video streaming . To put that into 13
perspective, on a 20 Gbps network, a full-length movie shot in HD at around 1.25GB could be
downloaded in 1 second. 14

Because of the huge variation in spectrum of 5G, it is important for a service provider, such as
Verizon and AT&T, to use a part of the spectrum that includes frequencies which are good for a
given task. For example, mmWave can carry lots of data because it is in the high-band spectrum.
However, radio waves in higher bands, such as mmWaves, are more easily absorbed by gases in the
air, tree, and nearby buildings. Hence, mmWaves are popular in densely packed networks but are 15
not great for carrying data for long distances. Therefore, different parts of the spectrum can be used
depending on what the goal of the 5G provider is.

Furthermore, 5G spectrum has to be sold or licensed to operators through auctions for any
company to use a specific band. The International Telecommunication Union (ITU), a United
Nations agency, regulates the use of radio spectrum around the world, and domestic use is
controlled by different regulatory bodies, such as the Federal Communications Commission (FCC)
in the United States.

A 5G rollout is a complicated process for the mobile network operators. Telecommunications
providers will have to make hefty investments in new network and storage gear. A mobile network
operator has to pay for all of the following, and more, during a 5G rollout before the technology can
reach customers: 16
- Spectrum licensing
- The physical hardware used in the 5G deployment
- Hiring technicians to install the necessary hardware
- Testing and retesting of the network
12
"How Are 4G and 5G Different? - Lifewire." https://www.lifewire.com/5g-vs-4g-4156322. Accessed 26 Jul.
2019.
13
Ibid.
14
"Are You Prepared for the 5G Data Crush? - Datanami." 15 Nov. 2018,
https://www.datanami.com/2018/11/15/are-you-prepared-for-the-5g-data-crush/. Accessed 25 Jul. 2019.
15
"5G Spectrum and Frequencies: Everything You Need to Know - Lifewire."
https://www.lifewire.com/5g-spectrum-frequencies-4579825. Accessed 25 Jul. 2019.
16
"5G Challenges: Why It Isn't Rolling Out Faster - Lifewire." 24 May. 2019,
https://www.lifewire.com/5g-challenges-4580354. Accessed 25 Jul. 2019.
4

- Deployment fees demanded by regulators
Furthermore, there are 3 stages of a 5G rollout. 17
- First, there will be enhancements to the existing system of 4G and 4G LTE which is also
called the non-standalone phase of 5G technology.
- The next two stages of rollouts are about building standalone infrastructures which are
building new networks, base stations, and core networks solely for 5G usages.
- The next rollout involves an initial rollout of sub-6 GHz bands with massive MIMO
(Massive-Input and Massive-Output) architectures, which are antennas for 5G that
will expand capacity and extend coverage, for high-rate transmission.
- Eventually, a second rollout takes place which expands network capacity and drives
even higher data transmission rates by leveraging mmWaves bands.
5G Applications

5G is an enabler for new platforms and innovations, and it is the key to a growing ecosystem of
e-commerce, live video streaming, artificial intelligence, Internet of Things, smart city solutions, and
many more industries which do not even exist yet. Ronald Coase, a Nobel laureate in Economics at
the University of Chicago, emphasized the importance of market creation, saying that markets “are
not something that we can just find,” and the uniqueness of 5G is its ability in creating new markets
for customers. With the appropriate technology of 5G in place, which has 200 times faster 18
downlink and uplink peak data rates than 4G, 5G offers programmers, entrepreneurs, and engineers
unlimited possibilities in coming up with original ideas. In the past, 3G has brought us new 19
markets in mobile internet browsing, and 4G has brought us virtual markets such as the App Store
and Google Store which have sparked the development of innovative apps like Uber, WeChat, and
Tik Tok. Venture capitalists and software engineers in the Bay Area became the direct beneficiaries
of these two waves of 3G and 4G revolutions. Moreover, 5G will create as much and even greater
impact as 3G and 4G did.

5G has the capability of driving industrial and societal changes due to its Enhanced Mobile
Broadband (eMBB) technology, its Massive Machine Type Communications (mMTC) technology,
and its Ultra-Reliable and Low Latency Communications (uRLLC) technology. uRLLC and mMTC
are not expected to be deployed before 2021. eMBB has the potential to improve consumer 20
17
"How 5G Differs From Previous Network Technologies - Semiconductor ...." 17 May. 2018,
https://semiengineering.com/how-5g-differs-from-previous-network-technologies/. Accessed 25 Jul. 2019.
18
"What are transaction costs? Definition and meaning - Market Business ...."
https://marketbusinessnews.com/financial-glossary/transaction-costs-definition-meaning/. Accessed 26 Jul. 2019.
19
"5G - Wikipedia." https://en.wikipedia.org/wiki/5G. Accessed 17 Jul. 2019.
20
"5G, When Will We See It? - Michael Wang - Medium." 17 May. 2018,
https://medium.com/@miccowang/5g-when-will-we-see-it-7c436a4ad86c. Accessed 26 Jul. 2019.
5

experience, to connect more devices with faster speeds, and to improve augmented reality
technology. It is a progression from 4G LTE services with higher throughputs and more capacity. 21 22
On the other hand, mMTC is able to connect larger amount of electronic devices which will
transform e-healthcare, environmental monitoring, smart energy networks, smart agriculture, smart
retail, and many more. It uses the network to connect to a large number of low power, low cost 23
devices which have high scalability and increased battery lifetime in a wider area. Furthermore,
uRLLC reduces the latency between devices, and it uses the network for mission critical applications
that require uninterrupted and robust data exchange. 24

One application of 5G technology is in creating smart city solutions. Urbanization has been an
unstoppable force in the world, especially in China. In its Thirteenth Five-Year Plan published in
2016, the Chinese leadership vowed to move 100 million people from rural areas to urban
households by 2020, and it is on track to achieve it. Urbanization is an inevitable trend for 25
economic growth as people are looking for more and better employment opportunities, and China is
looking for new opportunities to move up the value chain. However, urbanization also creates a
significant amount of problems, such as pollution, overpopulation, traffic jams, and resource
scarcity. We tend to think these problems are an inevitable part of our daily urban lives. However,
5G is going to change these intuitions. With Massive Machine Type Communications, or mMTC,
which is also the foundational concept for Internet of Things, or IoT, “smart” traffic lights in
Beijing with more than 20 million residents are able to “communicate” with each other to maximize
the traffic flows during peak and trough hours. Additionally, with its Ultra-Reliable and Low 26
Latency Communications, or uRLLC, the city smog monitors are able to “communicate” with
receptors in smart cars to avoid areas of heavy smog if there is any allergic passenger in the car. With
the existing 5G infrastructure in place, it is only a question of time before innovators and developers
start coming up with new ideas to make cities more sustainable and more intelligent.

Another application of 5G is its ability to create new market places for innovation and change. 5G
has the ability to give its power to daily consumers who do not necessarily have a computer science
or an engineering degree to create changes from accumulating personal wealth to raising awareness
on certain social issues to the general public. In the era of 5G, the direct beneficiaries are no longer
21
"5G—It's Not Here Yet, But Closer Than You Think | Electronic Design." 31 Oct. 2017,
https://www.electronicdesign.com/embedded-revolution/5g-it-s-not-here-yet-closer-you-think. Accessed 26 Jul. 2019.
22
Ibid.
23
Ibid.
24
"Ultra-Reliable and Low-Latency Wireless Communication: Tail ... - arXiv."
https://arxiv.org/pdf/1801.01270. Accessed 26 Jul. 2019.
25
"Official 13th Five-Year Plan Outline Released | US-China Business ...."
https://www.uschina.org/policy/official-13th-five-year-plan-outline-released. Accessed 26 Jul. 2019.
26
"Beijing - World Population Review." 7 Nov. 2019,
http://worldpopulationreview.com/world-cities/beijing-population/. Accessed 26 Jul. 2019.
6

the software engineers and venture capitalists in the Bay Area, but also individual makers around the
world such as high school students in Foshan and video gamers in Mombasa.

For example, Tik Tok, or more known in China by its Chinese name, Dou Yin, is a live stream
mobile app developed by ByteDance of Beijing which allows users to watch live clips on their
smartphones. Before it became a huge hit in the North American market, it already had more than
400 million active monthly users in China along. In fact, the live streaming industry is staggering in 27
the Chinese market. Nearly 60% of the 812 million Chinese mobile internet users watch live video
streams regularly. A recent survey found that 60% of livestream viewers in the emerging markets 28
spend at least an hour per session. The huge potential in the live stream industry is able to be 29
utilized even more by the enhanced mobile broadband technology from 5G as the connection will
be faster and the coverage will be broader with less delay. Furthermore, Tik Tok will also become a
virtual platform for education as well as for societal changes. The protestors of Venezuela are able to
update their fellow Venezuelans on the scenes from the frontline of the protest through Tik Tok.
Perhaps, in the imminent future, when China becomes the second nation to land humans on the
Moon, the Chinese people can choose to no longer watch astronauts through their televisions like
their American counterparts did fifty years ago but to “walk” alongside these Chinese astronauts
with the help of 5G-enabled connection as well as with augmented reality technology. The trend of
5G will revolutionize international business and our society. More importantly, emerging markets,
especially China, India, and Africa, will decide winners and losers in this new business and political
arena.

Other applications of 5G include cloud computing, autonomous driving, entertainment with
augmented reality technology and virtual reality technology. For cloud computing, individual systems
and devices will process and store some of the information at the cloud’s “edge” given the need to
shorten the distance from users and reduce the chances of interruption or delay. For autonomous 30
driving, reduced latency from 5G will be particularly important so that cars can respond and react to
changing road conditions successfully and safely. For entertainment, 5G gives VR in gaming the
ability of having a high level of responsiveness due to its faster connection and lower latency. For 31
27
"TikTok Revenue and Usage Statistics (2019) - Business of Apps." 27 Feb. 2019,
https://www.businessofapps.com/data/tik-tok-statistics/. Accessed 26 Jul. 2019.
28
"China Now Boasts More Than 800 Million Internet Users And 98% Of ...." 23 Aug. 2018,
https://www.forbes.com/sites/niallmccarthy/2018/08/23/china-now-boasts-more-than-800-million-internet-users-and
-98-of-them-are-mobile-infographic/. Accessed 26 Jul. 2019.
29
"Emerging Markets: The World's Innovation Lab | Lazard Asset ...." 17 May. 2019,
https://www.lazardassetmanagement.com/us/en_us/research-insights/lazard-insights/emerging-markets-the-worlds-in
novation-lab. Accessed 26 Jul. 2019.
30
"Sector Spotlight: The Coming 5G World | Neuberger Berman." 18 Jul. 2018,
http://www.nb.com/pages/public/global/insights/investment-quarterly-sector-spotlight-the-coming-5g-world.aspx.
Accessed 26 Jul. 2019.
31
Ibid.
7

commercial use, applications of 5G mostly revolve around faster mobile connections and greater
download speeds. As a result, the proliferation of 5G will likely drive the commercial markets for
many of these applications, in particular VR, AR, and Ultra HD videos. It is predicted that 100
million consumers will be using both AR and VR for shopping online and in-store. It is also 32
expected to catalyze the creation and distribution of 4K and 8K Ultra HD videos. In fact, in June 33
2019, an 8K Ultra-HD video was recently transmitted through a 5G network for the first time in
China. 34

Geopolitics and China

China is leading the way in developing 5G infrastructure like cell towers and fiber optic cables due to
its lack of pre-existing infrastructure and technology, its economies of scale, its more-centralized
government, its yet-to-be utilized resources, and the growth of its private enterprises like Huawei.
Furthermore, the development of 5G infrastructure in emerging markets will immensely benefit the
local economy as well as international business and the global supply chain in the future. The
emerging markets are the world’s fastest growing technological markets, and technology in the
emerging markets has nothing to overtake and to disrupt. For example, China can build tracks for
high-speed railways without destroying the pre-existing railway systems because China did not have
a pre-existing railway network to the extent that the United States does. As a result, it is much more
difficult for the United States to disrupt its pre-existing technological systems. Moreover, emerging
markets like Africa, China, and India are able to use their economies of scale to produce large
infrastructure projects on a greater scale than developed markets because of their enormous labor
market and their latent power of population. Additionally, in comparison to the United States with
its political structure of federalism where the authority is concentrated among states, the more
centralized government in China where the authority is concentrated in the central government in
Beijing gives China the leverage to make decisions and to implement changes on a faster and
grander pace without falling into the rabbit hole of politics of states against the federal government.
Hence, the Chinese government can implement and start building greater infrastructure projects
such as the high-speed railway system in the past and 5G data centers and cell towers in the future
more successfully.

China is well-positioned to be the dominant player in 5G. Not only is it ahead of the United States
in developing 5G, but the projected market for 5G is fairly large. China has the largest mobile
32
"Gartner Says 100 Million Consumers Will Shop in Augmented Reality ...." 1 Apr. 2019,
https://www.gartner.com/en/newsroom/press-releases/2019-04-01-gartner-says-100-million-consumers-will-shop-in-a
ugme. Accessed 26 Jul. 2019.
33
"China successfully transmits 8K ultra-high-definition content ... - AsiaOne." 28 Jun. 2019,
http://www.asiaone.com/digital/china-successfully-transmits-8k-ultra-high-definition-content-5g-networks. Accessed
26 Jul. 2019.
34
Ibid.
8

market in the world, nearly four times that of North America. As shown below, by 2025, there are 35
expected to be 428 million 5G connections in China. 36

With the wide-scale launch of 5G starting in 2020, some mobile providers are aiming to launch 5G
as soon as the end of this year. China Mobile, one of three network operators authorized by 37
China’s telecoms authority to run the 5G spectrum, is planning on deploying 5G commercially in
over 50 cities across China before 2019 ends. In gearing up for commercial launches, companies 38
like ZTE and Huawei have been actively working with the three carriers (China Mobile, China
Telecom, and China Unicom) in trial fields across China. To further support 5G endeavors, 39
Qualcomm China has been working with Chinese phone manufacturers to guarantee the availability
of 5G-compatible phones in the domestic market. The Ministry of Industry and Information 40
Technology (MIIT), the aforementioned Chinese telecoms authority, has also approved a 5G license
35
"The Mobile Economy - GSMA Intelligence."
https://www.gsmaintelligence.com/research/?file=4ac41ce0d0e94cd567ed0d19289a3d7d&download. Accessed 26 Jul.
2019.
36
"5G in China - GSMA Intelligence."
https://www.gsmaintelligence.com/research/?file=67a750f6114580b86045a6a0f9587ea0&download. Accessed 25 Jul.
2019.
37
"China 'firmly moving ahead' with wide-scale 5G launch plans ...." 6 Jul. 2018,
https://www.fiercewireless.com/5g/china-firmly-moving-ahead-widescale-5g-launch-plans. Accessed 26 Jul. 2019.
38
"China Mobile and Huawei switch on first piece of 5G network - Nikkei ...." 29 Jun. 2019,
https://asia.nikkei.com/Spotlight/5G-networks/China-Mobile-and-Huawei-switch-on-first-piece-of-5G-network.
39
Ibid.
40
"Qualcomm sees China at the frontline in the global 5G race: executive." 27 Jun. 2019,
https://www.rcrwireless.com/20190627/5g/qualcomm-sees-china-frontline-global-5g-race-qualcomm. Accessed 26 Jul.
2019.
9

for cable network company China Broadcasting Network. These four parties are the only ones in 41
the entirety of China allowed to deploy 5G.

One reason for China’s advantage in 5G is the sheer amount of capital invested into its
development. Through 2025, China is expected to invest over $150 billion in its 5G networks, nearly
¾ of which will be invested in 5G wireless systems. This represents a 50% increase from its prior 42
investment into 4G from 2013-2018. This is because Chinese authorities have placed the 43
deployment of 5G networks high on their list of priorities, for this technology will have a positive
impact on a variety of industries. Its Intelligent Plus policy (previously called the “Made in China 44
2025” initiative) is a 10-year program that was launched in 2015. This multibillion-dollar project 45
would see Huawei lead 5G and oversee the creation of smart cities and smart factories. The
blueprint for this initiative encompasses industries from railways to the Internet of Things to
artificial intelligence. Over the past 5 years, China has spent $180 billion in telecom investments (5G
and other technologies), dwarfing US investment. Its investment has not gone to waste, as China 46
currently has ten times the number of base stations that the US has. 47

In deploying 5G, many base stations will be required. China Tower, the world’s largest mobile
phone tower company, has partnered with infrastructure sectors to cut the construction costs of
building base stations. As 5G signals have shorter wavelengths than 4G signals, 5G will require the 48
installation of significantly more base stations than 4G. As a result, China Tower has prepared for
dozens of millions of towers. 80% of its micro 5G base stations will be constructed on existing 49
light poles, electric poles, and other towers, dramatically lowering the cost and increasing the
convenience of building base stations. Additionally, since China Tower handles the tower assets of 50
all three telecom carriers awarded with 5G licenses, building base stations on top of existing
architecture will ease the financial burden on these three major carriers, freeing up capital that they
can use toward further investment or development of 5G.
41
"China grants first 5G licenses amid Huawei global setback | TechCrunch." 6 Jun. 2019,
https://techcrunch.com/2019/06/05/china-5g-license-is-here/. Accessed 26 Jul. 2019.
42
"China to invest over $ 150 billion in 5G networks by 2025: report." 2 Jul. 2019,
https://www.rcrwireless.com/20190702/5g/china-invest-over-150-billion-5g-networks-2025-report. Accessed 26 Jul.
2019.
43
Ibid.
44
Ibid.
45
"US is losing the 5G war to China | Article - Asia Times."
https://www.asiatimes.com/2019/07/article/us-is-losing-the-5g-war-to-china/. Accessed 26 Jul. 2019.
46
"US-China contest centres on race for 5G domination | Financial Times." 18 Jun. 2019,
https://www.ft.com/content/d3072b76-90e9-11e9-aea1-2b1d33ac3271. Accessed 26 Jul. 2019.
47
Ibid.
48
"Tower firm planning alliances to reduce 5G network ... - China Daily."
http://global.chinadaily.com.cn/a/201907/09/WS5d23ecdca3105895c2e7c66a.html. Accessed 26 Jul. 2019.
49
Ibid.
50
Ibid.
10

China’s path to commercial deployment is not solely domestic, however. Along with domestic
contracts (Huawei and ZTE), China has also awarded network contracts to foreign operators Nokia
and Ericsson. In addition, Chinese State Councilor and Foreign Minister Wang Yi has maintained 51
that Chinese progress in 5G will be used for the greater good “to raise global telecommunications
standards.” 52

Furthermore, more resources are required to be developed in China than in developed markets.
Secondary metropolises that are largely untouched by Western investors in China and in India have
enormous developing potential both in terms of labor as well as infrastructure projects, as residents
in the secondary cities in China have a combined purchasing power of USD 2.3 trillion, a number
that is forecasted to triple over the next ten years. With appropriate and sustainable policies of 53
foreign direct investment, emerging markets like China are able to develop their secondary
metropolises to not only build 5G infrastructure projects such as the cell towers in rural areas for
better coverage, but they are also able to create employment opportunities for rural citizens. The
not-fully-utilized labor force in secondary metropolises in emerging markets is the latent power for
5G development, and it is the reason why emerging markets like China have been successful in
implementing 5G technology. In comparison, there is no huge growth potential in developed
markets like the United States or the United Kingdom as the real GDP growth among advanced
economies is 1.8 compared to the one of emerging markets at 4.4 in 2019. The rate of investment 54
returns will be relatively low due to its developed status and its lack of internal resources as
regionalization becomes the new norm for trade and commerce.

Technology companies in China, such as Huawei, are able to monetize the advantage of the growing
technology ecosystem in China to build company brands as well as to contribute to the national
agenda of building Chinese dominance in 5G. Huawei is ranked second behind Samsung in creating
Standard-Essential Patents, or SEPs, related to 5G while it is also ranked first as the company that
has made the most technical contributions to the 5G standard. Furthermore, Huawei equipment is 55
now behind ⅔ of the commercially launched 5G networks outside China, and it has more than 50
51
"China Mobile and Huawei switch on first piece of 5G network - Nikkei ...." 29 Jun. 2019,
https://asia.nikkei.com/Spotlight/5G-networks/China-Mobile-and-Huawei-switch-on-first-piece-of-5G-network.
52
"China willing to share its 5G development opportunities with world: FM ...."
http://www.xinhuanet.com/english/2019-07/09/c_138212323.htm. Accessed 26 Jul. 2019.
53
"Emerging Markets: The World's Innovation Lab | Lazard Asset ...." 17 May. 2019,
https://www.lazardassetmanagement.com/us/en_us/research-insights/lazard-insights/emerging-markets-the-worlds-in
novation-lab. Accessed 26 Jul. 2019.
54
"World Economic Outlook (April 2019) - Real GDP growth - IMF."
https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/W. Accessed 23 Jul. 2019.
55
"Who is leading the 5G patent race? - IAM Media." 12 Dec. 2018,
https://www.iam-media.com/who-leading-5g-patent-race. Accessed 21 Jul. 2019.
11

commercial 5G contracts as of July 2019 outside China from countries including South Korea,
Switzerland, the United Kingdom, Finland, and more. Additionally, it has shipped more than 56
150,000 base stations to all continents of the world. Huawei’s success is mainly due to its Research 57
& Development efforts, its business model, its organizational structure, its attractiveness to STEM
graduates in China, and its fortune of being in the era of technological growth in China. Huawei is
set to spend more than USD 20 billion in R&D while building Huawei R&D campuses in all major
cities in China and other emerging markets like Fiji. This significant spending puts Huawei in the 58
same tier as Alphabet and Amazon, which are two other huge R&D spenders in the United States. 59
These R&D expenses are important not only because Huawei is able to increase its dominance in
5G which its American counterparts lack, but these expenses also correlate with the boom of STEM
talents in China in the past decade. China is graduating more STEM majors every year than any
other country, and Huawei is able to attract these talents to its research and technology efforts while
preventing those STEM talents from going overseas. Hence, through housing guarantees and 60
generous stipends for its workers as well as retirement plans for its senior employees, Huawei has
become one of the top employers for Chinese STEM graduates while threatening its American
competitors. 61

China will shape the entire 5G product market going forward. If companies want to sell their 5G
products into China or into any network, they will have to build to Chinese preferred specifications
and partner with Chinese companies. This increases the risk of product backdoors and 62
vulnerabilities throughout the supply chain. Evidence of backdoors or security vulnerabilities has 63
been discovered in a variety of devices globally. Many of these seem to be related to requirements 64
from the Chinese intelligence community, pressuring companies to [extract] information about
domestic users. However, if Chinese policy does require backdoor access embedded in devices sold 65
56
"Cambodia's Smart Axiata tests 5G network with China's ... - Reuters." 8 Jul. 2019,
https://www.reuters.com/article/us-china-cambodia-5g/cambodias-smart-axiata-tests-5g-network-with-chinas-huawei-i
dUSKCN1U31EN. Accessed 21 Jul. 2019.
57
Ibid.
58
"China's Huawei to raise annual R&D budget to at least $15 ... - Reuters." 26 Jul. 2018,
https://www.reuters.com/article/us-huawei-r-d/chinas-huawei-to-raise-annual-rd-budget-to-at-least-15-billion-idUSKB
N1KG169. Accessed 26 Jul. 2019.
59
Ibid.
60
"The Countries With The Most STEM Graduates [Infographic] - Forbes." 2 Feb. 2017,
https://www.forbes.com/sites/niallmccarthy/2017/02/02/the-countries-with-the-most-stem-graduates-infographic/.
61
"The US-China Trade War Is a Competition for Technological Leadership." 21 May. 2019,
https://www.lawfareblog.com/us-china-trade-war-competition-technological-leadership. Accessed 26 Jul. 2019.
62
"US is losing the 5G war to China | MENAFN.COM." 5 Jul. 2019,
https://menafn.com/1098725405/US-is-losing-the-5G-war-to-China. Accessed 26 Jul. 2019.
63
Ibid.
64
Ibid.
65
12

in China for internal security purposes, this compromised code applied to such a large market
increases the risk that these vulnerabilities will spill over into the rest of the world. 66

5G will be the main cause of the next technology Cold War between China and the United States,
which have completely different visions and motives for its technology and applications. With both
countries setting their eyes on 5G technology, they have already been using their great power
influence to form coalitions with other countries. The United States has pursued and ordered four
other countries of the United Kingdom, Canada, Australia, and New Zealand in the Five-Eye
Intelligence Agreement to ban Huawei technology completely. As of July 2019, New Zealand and 67
Australia have already banned Huawei completely. The UK and Canada are on their way to 68
banning Huawei partly from their future infrastructure developments. This is difficult, however, as 69
the major mobile carriers in the UK (Vodafone, EE, O2) have already heavily worked with Huawei
in their impending rollouts of 5G. While the United States is forming its coalition mainly with 70
Western Europe, Oceania, and North America, China is also levering its influence in South America,
Africa, the Middle East, and Eastern Europe, especially in those 68 countries which are beneficiaries
of the Belt and Road Initiative. We are entering a bi-polar technological world in the future where 71
Chinese companies will supply semiconductor chips and 5G technology to China’s allies, and vice
versa. The bi-polar world exists due to two countries’ different visions for 5G, security. and internet
governance. The Chinese emphasize order and the responsibility of the individual to the state, and
they are busy marketing their approach to emerging markets as the one that produces greater and
faster growth. The United States prioritizes individual freedom and the marketplace while
acknowledging the disorder of democracy. However, the side which has the most influence over
emerging markets, such as Africa, wins the new Cold War, and that side is China.

Investments in Africa from the private and the public sectors in China will benefit the local
economy in Africa, change the global supply chain, and enhance Chinese dominance in 5G and
other technological sectors in the near future. While most Westerners and Western companies
66
67
"Five Eyes will not use Huawei in sensitive networks: senior U.S. official ...." 24 Apr. 2019,
https://www.reuters.com/article/us-britain-huawei-ncsc-usa/five-eyes-will-not-use-huawei-in-sensitive-networks-senior
-us-official-idUSKCN1S01CZ. Accessed 26 Jul. 2019.
68
"Tech giant Huawei banned from New Zealand's 5G network over ...."
https://www.scmp.com/news/asia/australasia/article/2175374/tech-giant-huawei-banned-new-zealands-5g-network-ov
er. Accessed 26 Jul. 2019.
69
"Huawei row: UK to let Chinese firm help build 5G network - BBC News." 24 Apr. 2019,
https://www.bbc.com/news/uk-48032286. Accessed 26 Jul. 2019.
70
"Huawei already works with UK carriers to deploy 5G: report." 9 Jul. 2019,
https://www.rcrwireless.com/20190709/5g/huawei-already-works-uk-carriers-deploy-5g-report. Accessed 26 Jul. 2019.
71
"The Belt and Road Initiative: Country Profiles - China Trade - HKTDC ...."
http://china-trade-research.hktdc.com/business-news/article/The-Belt-and-Road-Initiative/The-Belt-and-Road-Initiati
ve-Country-Profiles/obor/en/1/1X000000/1X0A36I0.htm. Accessed 26 Jul. 2019.
13

underestimate Africa and Africa’s growth potential, China has been investing in Africa heavily with
almost USD 500 billion spent since 2005, and the amount of total investment is only going to grow
in the future. Furthermore, China is also the continent of Africa’s largest trading partner with USD 72
128 billion in trading goods in 2018. These investments are not only from the Chinese state 73
government in Beijing, but they are also from the private sectors such as technology companies like
Huawei. Being the direct beneficiaries of China’s Belt and Road Initiative, Eastern African countries
like Kenya and Egypt will accept Huawei technology while blocking Huawei’s American and
European competitors. In fact, there are many countries in Africa which are happy to use Huawei 74
due to a combination of technological quality and attractive financing terms. Hence, as a result of
signing contracts with Huawei on 5G, many African countries have already moved to China’s
umbrella of influence. Furthermore, 5G has significant growth potential in Africa which will benefit
not only the local economy and boost labor participation rate while providing technical training to
employees, but 5G will also make China more dominant in the future of this technology race. This
growth potential of 5G in Africa is evident as the compound annual growth rate of mobile cellular
traffic in Africa has reached 71 percent, outpacing all other regions. In comparison, there is only 75
negligible growth of mobile cellular subscriptions in the Americas and a decline in Europe according
to the International Telecommunication Union. Hence, the continent of Africa has become 76
China’s China because it provides cheaper labor for infrastructure projects for China as China tries
to move up the value-added chain through lean production and innovation as well as dominating the
5G race while its Western counterparts are catching up.

This trend of heavy Chinese investments is not only limited to Africa. Cambodia’s Smart Axiata,
which services half of the 16 million population of Cambodia, said it had begun 5G trials in
partnership with Huawei and could start rolling out the mobile network by the end of 2019. The 77
72
"Figures of the week: Chinese investment in Africa - Brookings Institution." 6 Sep. 2018,
https://www.brookings.edu/blog/africa-in-focus/2018/09/06/figures-of-the-week-chinese-investment-in-africa/.
73
"https://www.youtube.com/watch?v=zQV_DKQkT8o - Facebook."
https://www.facebook.com/112231345550245/posts/httpswwwyoutubecomwatchvzqv_dkqkt8o/1870449336395095/.
74
"China wins the tech war in Africa | Business | M&G." 6 Mar. 2019,
https://mg.co.za/article/2019-03-06-china-wins-the-tech-war-in-africa. Accessed 26 Jul. 2019.
75
"How 5G Microwave Can Fast-Track Mobile Broadband Growth in ...." 12 Dec. 2018,
https://www.lightreading.com/partner-perspectives/how-5g-microwave-can-fast-track-mobile-broadband-growth-in-e
merging-markets/a/d-id/748204. Accessed 26 Jul. 2019.
76
"5G, Retail, Fashion, And Emerging Markets With Stepan Chernovetskyi." 1 Jul. 2019,
https://www.forbes.com/sites/rebeccasuhrawardi/2019/07/01/5g-retail-fashion-and-emerging-markets-with-stepan-ch
ernovetskyi/. Accessed 26 Jul. 2019.
77
14

Government of Cambodia has already signed a memorandum of understanding in April 2019 with
Huawei to help develop its 5G telecoms system. 78

It is important to gain the first-mover advantage in 5G development. The Defense Innovation
Board of the United States says in its report that “the country that owns 5G will own many
innovations and set the standard for the rest of the world. That country is not likely to be the US.” 79
The companies as well as the countries that are the first movers will set global standard due to
multiplier and network effect. Being the leader in 5G will bring hundreds of billions of dollars in
revenues, substantial job creation, and leadership in other technologies that require swifter
transmission of data. The United States has lost its edge in telecom technology in part because of its
lack of investment in recent years. In comparison, China has spent USD 180 billion over the past 5
years and has 10 times as many base stations as the United States. Furthermore, Anerican 80
companies like Verizon and AT&T have too much debt to undertake the huge investment necessary
to build out the number of base stations required. A combination of strong government support 81
and a high availability of capital have been the main drivers behind China’s tech boom. China is in a
position to mobilize capital quickly due to the country’s high savings rate and a strong VC and PE
sector. Unlike 4G which was US-led with high-speed strands developed by AT&T and Verizon and 82
paved the way for the smartphone era in the US as well as the rapid rise of Apple, Google,
Facebook, Amazon, and Netflix, China will lead 5G, and the Chinese government has already given
the 5G licenses to China Unicom, China Telecom, and China Mobile. Chinese internet companies
will be well-positioned to develop services and applications for their home market that take
advantage of 5G speed and low latency. China is on track to repeat in 5G what happened with the
United States in 4G.

Policy Challenges

Although 5G will increase human productivity and interconnectedness to an unprecedented scale in
the Second Machine Age, it also creates significant new policy challenges. 5G development will
ultimately disrupt the pre-existing labor market and international business. What 5G brings is not
78
79
"Top Trump adviser says the US leads the 5G race, but others think ...." 25 Jul. 2019,
https://www.scmp.com/news/world/united-states-canada/article/3020139/top-trump-adviser-says-us-leads-5g-race-ot
hers. Accessed 26 Jul. 2019.
80
"US-China contest centres on race for 5G domination | Financial Times." 18 Jun. 2019,
https://www.ft.com/content/d3072b76-90e9-11e9-aea1-2b1d33ac3271. Accessed 26 Jul. 2019.
81
Ibid.
82
"Qualcomm sees China at the frontline in the global 5G race: executive." 27 Jun. 2019,
https://www.rcrwireless.com/20190627/5g/qualcomm-sees-china-frontline-global-5g-race-qualcomm. Accessed 26 Jul.
2019.
15

only the advantages of faster and wider connections as well as 5G-enabled products and
applications, but it also brings a rise in productivity and a decline in employment as well as the
subsequent inequality and social unrest. This trend will take place due to the fact that 5G will make
automatons and robots “smarter” as they no longer need actual human employees. Let us take the
delivery service as an example. Delivery services, such as UberEats, goPuff, and Didi, give us the
privilege to order food and groceries on our smartphones while being in the comfort of our homes
and our offices while delivery men and women deliver the items we want in a short period of an
hour or half an hour. In the future, however, 5G’s enhanced mobile broadband technology and the
market penetration of self-driving cars, we, the customers, are able to detect the exact locations and
qualities of our food without worrying about paying tips or about the fact that our food might get
damaged due to human errors. Yet, this trend of automation which is enabled and accelerated by 5G
technology, not only in the delivery service sector but also in all other sectors ranging from car
manufacturing to restaurant services, will accelerate the already existing labor force disruption:
machines are getting smarter and more productive while human workers are not catching up to the
same skill and efficiency level. Millions of workers and service people, especially in the non-tradable
sector which does not benefit significantly from the trend of integration or globalization, will be
displaced by 5G-enabled technology. Furthermore, this problem of labor disruption is global. China
has employed millions of low-skilled workers for its delivery service, and this trend is likely to
change in the future due to their vision of moving up the value-added chain as well as automation. 83
These displaced low-skilled workers in every country will be a significant social problem as people
are likely to rise up and to speak up especially during periods of economic hardships, and those
actions can lead to violence and anarchy which would disrupt economic growth and global
integration.

Governments around the world should be ready for this new wave of technological disruptions, and
they should have appropriate policies and agendas in place to maximize the potential of 5G as well
as to reduce its disruptions. In the long run, governments should reform their budget allocation, and
they should invest heavily in education while providing necessary trainings and re-trainings for
furlonged and displaced workers in the lower end of the non-tradable sector. In the short run,
governments should protect infant sectors and sectors which are most vulnerable to automation via
policies such as the robot-human ratio, which is the ratio that restricts the number of robots used
per employee in a particular industry. For countries like China and Japan whose population aging
problem is going to negatively affect their economic growth, they should conduct immigration
reforms and attract high-skilled foreign immigrants by granting them scholarship funds, housing
stipends, and healthcare benefits. These high-skilled immigrants along with educated domestic 84
83
"Sharing economy prompts industrial worker shortfall ...."
http://www.chinadaily.com.cn/global/2019-05/01/content_37464801.htm. Accessed 26 Jul. 2019.
84
"China's Aging Population Is a Major Threat to Its Future | Time." 7 Feb. 2019,
https://time.com/5523805/china-aging-population-working-age/. Accessed 26 Jul. 2019.
16

workers are able to spark innovation and create a virtuous cycle for generating economic growth.
One way of attracting skilled foreign immigrants is creating national champions which are higher
value-added industries that are contributing significantly to the national GDP. They are the auto
industry in Japan, the technology industry in the United States, and the dairy industry in New
Zealand. Skilled immigrants are willing to go to countries which have clusters of national 85
champions that suit their specialties. If election-seeking politicians can start seeking long-term gains,
the democratic government, such as the one in the United States, is able to maximize the potential
of future 5G-enabled technology while stabilizing the society from the threats of these types of
technology. Fundamentally, government reforms, such as the re-design of the electoral system, the
re-drawing of the electoral map, the amendment of the territorial system in the corporate tax
collection process which has created more than USD 3 trillion corporate foreign assets in tax havens
like Ireland, and the repeal of the Supreme Court decision on Citizens United v. Federal Election
Commission, will help make politicians and innovative companies focus more intently on long-term
gain in the United States.

Investment Opportunities

Despite challenges, investment opportunities in 5G and 5G-related emerging industries, such as in
real estate, infrastructure, Internet of Things, Exchange-Traded Funds, and semiconductors, are
immense. One area of investment is in real estate development. 5G is able to achieve its faster
connection with low latency through its higher frequency. However, wavelength is inversely
proportional to frequency. This means that as frequency and speed increase, the wavelength, or 86
distance that a wave can travel, decreases. Because of this, signals in the 5G spectrum cannot travel
very far and are often disrupted by building walls or even weather. In fact, millimeter waves, one 87
type of 5G waves, can easily be absorbed by gases in the air, trees, and nearby buildings. Therefore, 88
to increase the accessibility of 5G, more cellular infrastructure, like base stations, will need to be
built especially in megacities like New York and Shanghai. The two types of 5G deployments are
standalone and non-standalone. Non-standalone 5G architecture relies upon existing 4G 89
infrastructure, modifying and supplementing the components to accommodate 5G frequencies. 90
85
"China's National Champions: State Support Makes Chinese ...." 15 May. 2017,
https://www.foreignpolicyjournal.com/2017/05/15/chinas-national-champions-state-support-makes-chinese-companie
s-dominant/. Accessed 26 Jul. 2019.
86
"Wavelength, Period, Frequency."
http://artsites.ucsc.edu/EMS/music/tech_background/TE-01/soundWPF.html. Accessed 26 Jul. 2019.
87
"NOAA Warns 5G Spectrum Interference Presents Major Threat to ...."
https://www.aip.org/fyi/2019/noaa-warns-5g-spectrum-interference-presents-major-threat-weather-forecasts. Accessed
26 Jul. 2019.
88
"5G Network: How It Works, and Is It Dangerous? - Live Science." 17 Jul. 2019,
https://www.livescience.com/65959-5g-network.html. Accessed 26 Jul. 2019.
89
"Standalone 5G NR vs. Non-Standalone 5G NR - RCR Wireless." 27 Nov. 2018,
https://www.rcrwireless.com/20181127/5g/non-standalone-standalone-5g-nr. Accessed 26 Jul. 2019.
90
Ibid.
17

Standalone structures are built solely for 5G, which will be more expensive but also see greater
performance. 91

The buildout of the necessary infrastructure to support 5G presents an attractive investment
opportunity. Exchange-Traded Funds, an investment fund that is traded on stock exchanges, offer
great opportunities for 5G real estate investments. Pacer Benchmark Data & Infrastructure Real
Estate, a US-based Exchange-Traded Fund, already has generated a Year-to-Date return of 26.07%
as of July 1, 2019 as compared to a benchmark of the S&P 500 Index at 19.89% during the same
time frame. This particular ETF allocates nearly 48% of its combined weight to America Tower, 92
Equinix, and Crown Castle International, and the purpose of this ETF is to “generate the majority
of their revenue from real estate operations in the data and infrastructure sector.” On the other 93
side of the world, China Tower will partner with railways, real estate, power grid, transportation, and
other sectors to leverage their existing tower resources to cut construction costs of 5G
infrastructure. China Tower has prepared for dozens of millions of towers for 5G, and 80% of
micro 5G base stations will be constructed on existing electric poles, light poles, and other forms of
towers, which will dramatically reduce the cost. China is forecasted to invest USD 184 billion into 94
5G network construction by 2025. To the advantage of the United States, first 5G base stations on 95
the market are multinational products that rely heavily on US companies, so Washington has some
leverage over China’s base station manufacturing. However, this pattern is likely to change if the 96
United States does not catch up to China in other areas of 5G, and the recent trade war might act as
a “Sputnik” moment for China to realize that they have to move away from their reliance on the
American manufacturers for their 5G development. Before, if the United States wanted to slow
down or to destroy China’s 5G plans, export bans on Chinese companies could achieve America’s
goal, but this may not suffice for longer if China does decide to invest heavily in developing its own
5G technology.

Furthermore, funds raised by private equity firms that are related to digital infrastructure,
telecommunications, and Internet-of-Things are likely to generate more-than-profitable returns in
the future when 5G matures. Digital Colony, a private equity firm which is solely focused on mobile
91
"Standalone 5G NR vs. Non-Standalone 5G NR - RCR Wireless." 27 Nov. 2018,
https://www.rcrwireless.com/20181127/5g/non-standalone-standalone-5g-nr. Accessed 26 Jul. 2019.
92
"SRVR | Pacer ETFs." https://www.paceretfs.com/products/srvr. Accessed 26 Jul. 2019.
93
"Infrastructure REITs Are Powering the Growth of Cloud ... - REIT.com."
https://www.reit.com/news/reit-magazine/march-april-2016/infrastructure-reits-are-powering-growth-cloud-computin
g. Accessed 26 Jul. 2019.
94
"Tower firm planning alliances to reduce 5G network ... - China Daily." 9 Jul. 2019,
http://www.chinadaily.com.cn/a/201907/09/WS5d23ecdca3105895c2e7c66a.html. Accessed 26 Jul. 2019.
95
"China to invest over $ 150 billion in 5G networks by 2025: report." 2 Jul. 2019,
https://www.rcrwireless.com/20190702/5g/china-invest-over-150-billion-5g-networks-2025-report. Accessed 26 Jul.
2019.
96
"China's 5G edge more complicated than it appears · TechNode." 3 Jul. 2019,
https://technode.com/2019/07/03/chinas-5g-edge-more-complicated-than-it-appears/. Accessed 26 Jul. 2019.
18

and internet infrastructures, recently raised USD 4.05 billion for the world’s first digital
infrastructure fund. In this fund, it has so far committed half its capital in five deals in North 97
America and Europe. The largest deal so far was the USD 8.2 billion acquisition of Zayo Group, a 98
US communications infrastructure provider. In the future, like ETFs, more funds related to 5G 99
and its respective infrastructures will be raised, and the investment opportunities in these funds are
immense.

Additionally, semiconductor manufacturers, such as Xilinx, Analog Devices and Marvell Technology
Group as well as semiconductor vendors, such as Qualcomm and Broadcom will all likely boost
their supply for semiconductor chips in the coming years as the demand for 5G smartphones,
headsets, and radio antennas increases. Although the initial growth might be slow due to the high 100
cost of these 5G devices, as the IT supply chain adapts itself to the increasing demand of 5G
semiconductors, the long-term growth outlook on 5G semiconductors will be great. Furthermore,
transition from 4G to 5G will also fuel demand for fiber optic cable deployment, a key infrastructure
in mobile technology connections. Estimates state that global demand for fiber optic will rise to 650
million kilometers (404 million miles) from the current 519 million kilometers (322 million miles). 101

Conclusion

5G, as a mature market, will create enormous applications and investment opportunities as well as
sizable setback both politically, economically, and socially. Hence, governments and the existing
labor market need to intervene and assume responsibility for their future actions to maximize 5G’s
potential and to benefit international business.
97
"Digital Colony | Crunchbase." https://www.crunchbase.com/organization/digital-colony. Accessed 26 Jul.
2019.
98
Ibid.
99
Ibid.
100
"Best 5G Stocks To Invest In?: Here Are Candidates | Investor's ...."
https://www.investors.com/news/technology/5g-stocks-5g-wireless-stocks/. Accessed 26 Jul. 2019.
101
"Insights - 5G's Future in China - Goldman Sachs." 1 Jul. 2019,
http://www.goldmansachs.com/insights/pages/from_briefings_01-july-2019.html. Accessed 26 Jul. 2019.
19

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