0412 GMT February 29, 2020
China Mobile Chairman Yang Jie made the announcement at a press conference in Shanghai, according to a transcript of his speech provided by the company, Reuters reported.
He did not specify a timeline for the fund.
Yang also said China Mobile will invest three billion yuan into developing 5G content such as ultra-high definition videos and games.
In 2019, China Mobile plans to build more than 50,000 5G base stations in China and provide 5G services in more than 50 cities, he said.
China issued 5G license earlier this month.