The GSMA has released the findings of its first Mobile Economy report on China, revealing that the mobile industry was responsible for 5.5 percent of the country’s GDP in 2018. The industry generated $750 billion in value, all while supporting 8.5 million jobs and adding $84 billion in tax revenue to the country’s coffers.   

“Our new report outlines how China’s mobile industry has been a key driver of economic growth, inclusion and modernisation – creating a new generation of digital consumers and transforming industry and society,” said GSMA Director General Mats Granryd.

The GSMA also reported that China is the largest mobile market in the world, with 1.2 billion unique subscribers at the end of 2018. The figure isn’t all that surprising given the country’s size, but it does represent an impressive 82 percent of the total population. That number will only continue to grow, with smartphone adoption expected to reach 88 percent by 2025.

The growth will coincide with a $58 billion investment in 5G networks over the next two years. Though the majority (77 percent) of China’s network currently runs on 4G infrastructure, that number will soon peak and decline as the nation makes the switch to 5G.

China is expected to be one of the world’s top 5G markets. Companies like Huawei and Samsung have already completed successful 5G trials, while Qualcomm has formed a series of partnerships geared towards the Chinese market. The value of the country’s mobile industry is projected to climb from $750 billion to $870 billion by 2023.