Shanghai's first 5G demonstration zone was recently launched in the Hongqiao central business district where China's big three telecom carriers are all building 5G base stations. Just how will 5G technology change China's business landscape? Mi Jiayi has more.

The launch of the 5G demonstration is part of the runup to the China International Import Expo. The city government hopes 5G technology will be available for the Expo later this year to showcase new communication applications, including ultra-high definition video, and virtual reality. Many tech firms are eyeing the development of 5G technology, but just how long will the new business opportunities last?

DU YEQING, VICE PRESIDENT HUAWEI 5G BUSINESS "I think 5G will bring an upgrade that will last for at least 10 years. Industries involved include network building, terminal manufacturing, and applications development. In the future, everything in this room will be connected. But how do they connect, and what value will this connection create? That will take time to find out."

So just what applications can we anticipate? The promotion of telecommunication technology has always been showcased during big events. 4G applications in China got a boost during the World Expo in 2010, when journalists at TV stations used it for live interviews. 5G technology was tested during the PyongChang Winter Olympics, during which companies tapped VR technology with fast internet to provide immersive virtual experiences for viewers. One analyst says that in fact 5G may be more important to industrial upgrades, then to personal telecommunications.

WANG CHAO, VICE CHAIR IEEE CHINA COUNCIL "5G technology provides such fast broadband speeds that it will create industrial upgrades in and of itself. For example, in the surveillance industry, the best resolution right now is at most 1080P, but with 5G, they can get to 2K, 4K or even 8K."

China's three major telecom operators, China Mobile, China Unicom and China Telecom are all building 5G base stations around the country to help develop 5G applications. It's estimated that the number of stations required to cover the entire country will reach 7.6 million units. China Unicom says they already have a 5G applications pilot program underway.

XIN KEDUO, CHAIRMAN & GM CHINA UNICOM SMART CONNECTION TECHNOLOGY "We are building 5G base stations in 16 cities to roll out pilot programs. Our 5G development is based on applications. The two most recognized are for auto driving, and remote medical diagnosis."

Research company IHS estimates that 5G applications will generate 3.5 trillion yuan of revenue globally and support 22 million jobs by 2035. That's more than the revenue of the top 13 companies on the Fortune Global 2016 List combined.