China accomplishes 2021-2025 goals on 5G construction ahead of schedule: official

China has accomplished its goals on 5G construction and development outlined in the 14th Five-Year Plan (2021-2025) ahead of schedule, said Zhang Yunming, vice minister of industry and information technology of the country.

Zhang made the announcement in his speech at the China 5G Development Conference held in Shanghai on Thursday.

"As of the end of this October, China had set up 4.141 million 5G base stations, with 29 5G base stations per 10,000 people, accomplishing the development goals outlined in the 14th Five-Year Plan ahead of schedule," said Zhang.

China's 5G network has fully covered key areas like government departments, cultural and tourism scenic spots, and transportation lines, and has been expanding to rural and remote areas, Zhang said at the conference.

China has built up a full-fledge industrial chain of 5G technology, covering communication chips, terminals, base station equipment, and facility instruments, with nearly 2,000 5G terminal products on the market for commercial use, said Zhang.

China's Ministry of Industry and Information Technology (MIIT) has held seven 5G application competitions, collecting more than 100,000 application cases.

In China, 5G applications have been integrated into 80 of the 97 major national economic categories.

Officials of the MIIT also said at the conference that China will upgrade 5G to 5G-A in an orderly manner, strengthen core technology research, and continue 5G-A technology research, standard development and product development.

5G-A, whose full name is 5G-Advanced, is also known as 5.5G, and is the evolutionary technology from 5G to 6G.

Compared with 5G technology, 5G-A has higher speed, larger connection, and lower latency. By introducing technologies like synaesthesia and artificial intelligence (AI), it can better match applications such as Internet of Vehicles, high-end manufacturing, and full-scenario perception.

The head of the 5G promotion team said that the technology has been used together with AI, the low-altitude economy, energy conservation and emission reduction for testings.

"In terms of uplink and downlink ultra-wideband, we can bring a ten-fold improvement in capabilities. In terms of broadband real-time interaction, we can realize an immersive business experience," said Xu Fei, general-secretary of the IMT-2020 (5G) promotion team.

China accomplishes 2021-2025 goals on 5G construction ahead of schedule: official

U.S. consumer confidence dropped slightly in May as persistently high gasoline prices and inflation continue to strain household budgets, according to the Conference Board Consumer Confidence Index, which dipped 0.7 points to 93.1 in May, down from an upwardly revised 93.8 in April.

The Present Situation Index, which is based on consumers' assessment of current business and labor market conditions, retreated by 3.2 points to 121.2.

Conversely, the Expectations Index, based on consumers' short-term outlook for income, business, and labor market conditions, rose by one point to 74.4.

The survey period for the month's preliminary results spanned May 1 to May 19, a timeframe heavily impacted by the ongoing conflict in the Middle East, which continues to place significant upward pressure on global prices.

"Consumer confidence edged downward in May as the inflationary impacts of the war in the Middle East intensified," said Dana M. Peterson, chief economist at The Conference Board.

"Consumer appraisals of current business conditions and the current labor market were moderately less positive compared to last month. This was somewhat offset by modest improvements in consumers' expectations for business conditions and the labor market six months from now. Meanwhile, income expectations eased in May, as those anticipating less income rose,” he said.

The decline in the Conference Board's metric aligns with a separate gauge of consumer sentiment compiled by the University of Michigan, which dropped to a record low this month.

Across the U.S. economy, spikes in gasoline prices and higher food costs have worsened overall inflation. This upward price pressure has outpaced the growth in average paychecks in recent months, effectively reducing the purchasing power of many Americans.

The oil price shock remains the primary driver of consumer anxiety, with average gasoline prices nationwide hovering around 4.50 U.S. dollars a gallon in May, a sharp increase from around 3 dollars at the end of February.

Inflation, high gas prices dent U.S. consumer confidence