In a sign that China is leading the race for the next generation of wireless services, the Ministry of Industry and Information Technology announced on Monday that it will soon grant 5G licenses for commercial use, making the country the world's first major market to launch 5G services.

This comes as no surprise, because major Chinese telecommunications operators have already been testing the technology and conducting pre-commercial deployment in pilot cities for years. Guangzhou, for example, is expected to complete building 10,000 base stations to achieve full 5G coverage by the end of this year.

5G is 100 times faster than the current 4G technology, enabling one to download a two-hour movie in just 3.6 seconds, as compared to 6 minutes on 4G.

But it's not only about speed. The fact that it makes it possible for more people and things to work on the same network with basically no lag time means it will usher in some of the hottest trends in technology, such as self-driving cars and remote surgery. A new wave of applications that people can't even imagine now are also expected to emerge out of 5G.

Which means tremendous economic benefits that the country will reap as it restructures its economy and upgrades its industries. According to a white paper released by the China Academy of Information and Communications Technology, 5G technology is expected to generate 6.3 trillion yuan ($913 billion) worth of economic output and 8 million jobs for China by 2030.

The United States has targeted Chinese telecommunications equipment company Huawei and other Chinese high-tech enterprises, banning US companies from selling components and software they need to make their products, in the hope that it can at least slow, if not choke, China's high-tech development.

As Washington believes that in the information age, "the nation that leads the world in wireless technology wins". The US having been the leader in 4G, it can't bear the thought of it not having first dibs on the benefits of 5G.

Given Washington's attempts to impede China's progress in 5G, the launch of 5G licenses for commercial use is a timely morale booster, as it proves the disruptive moves the US has taken against China in the 5G race serve only as nuisances on its ascent to lead the world of future technologies, a trend that has become unstoppable.

Yet it is not a zero-sum game. China's gain in the 5G sector does not necessarily mean a loss for any other country. Due to its huge market — China is expected to account for half of the world's 5G users by 2022 — the country will provide enough dividends for multinationals, including those from the US, to share in its 5G development.