5G is rapidly developing in China, transforming ideas from concepts into reality and changing people's lives.

One example is self-driving cars, based on 5G networks. Three years after road tests first started, China is already among the world's top five countries for industry partnerships involving autonomous vehicles, according to KPMG. And technology is believed to have huge market potential.

It's a familiar trend across many sectors, especially since 5G was launched commercially in China last year.

In recent days, China Mobile, China Unicom, and China Telecom, the three major Chinese telecom operators, released their work report in the first half of the year.

According to these, 5G services in China now reach over 150 million users, the world's highest. That number is estimated to exceed 200 million by the end of the year.

But the telecom sector is only the tip of the iceberg. The development of 5G has been on show during China's fight against COVID-19, and the tech is now used in hospitals, offices, and long-distance education.

Its path to the future is paved by the newest global 5G standards, agreed to by China and other countries in early July. So, what's 5G's potential in the world's most populous country?

"It's estimated that by 2025, total investments in constructing 5G networks will reach 1.2 trillion yuan," said Wang Mingzhu, who oversees the Digital Economy Department at China Academy of Information & Communications Technology.

"It will give impetus to investments across the entire industrial chain and draw investments of over 3.5 trillion yuan," Wang said.

Critics say it could take a long time before the huge sums initially poured into the technology return a profit, but many are optimistic.

Qin Hailin, director of the China Center for Information Industry Development, said that such investment is worthwhile.

"As an important part of new infrastructure, 5G is greatly contributing to the stability and smooth running of industrial and supply chains. This is different from the past and will be important for the development of high-quality industry in the future," Qin said.

5G related exports from Chinese companies currently face a tough international environment. But the country has played a key role in developing the technology.

Take Release-16, the latest global 5G standards, for example. Chinese companies have taken the lead in making almost 40 percent of them, according to the China Center for Information Industry Development, and China has built some 400,000 5G base stations nationwide, including those in out-of-the-way areas, like the world's tallest peak, Qomolangma.

That number will exceed 600,000 by the end of the year, more than half of the world's total.

Experts say that China has taken precautions against potential risks and implemented cybersecurity measures for 5G technology.

And one event will showcase all the latest development of 5G technology in the country. It's called China International Fair for Trade in Services, scheduled to be held in early September and invites global guests in the Chinese capital in person or online.