Operator China Telecom reportedly invested CNY3 billion ($422.1 million) in a newly-formed unit charged with developing quantum technology, as the company eyes contributing to a national push on the next generation of computing.
A statement reported by Reuters and first published on China Telecom’s WeChat social media channel announced the formation of China Telecom Quantum Information Technology Group based in a facility in the east of the country.
The unit is charged with advancing quantum technology, related product development and promoting the industry across the country. China Telecom also noted the move contributed to a government plan to advance the technology.
In a report published in September 2022, management consultancy McKinsey & Company estimated Chinese authorities had already pledged more than $15 billion of public funds to the develop quantum computing, outstripping other nations.
Since then a number of major players have announced initiatives including China Mobile, which inked a research deal with domestic specialists Origin Quantum in December 2022.