"5G licensing will significantly promote the rapid development of China's 5G networks, terminals, application and services," Meng said. "We will continue to expand cooperation and share opportunities with Chinese partners, marching toward an intelligent and connected future."

Another US tech company, Intel Corp, said it is committed to supporting global 5G development.

"We will continue to deepen cooperation with Chinese tech industries to promote 5G development." Intel said.

"The cooperation with multinational companies is highly regarded by the Chinese government, which makes us more confident in the healthy, steady and sustainable development of China's 5G industry," Nokia China President Markus Borchert said.

According to Borchert, the company will fully support local operators' network deployments and fully leverage its own advantages in Sino-EU innovation cooperation, its leadership within international standardization organizations and its experience serving customers around the world to assist China's active engagement in the global 5G ecosystem.

Swedish telecom equipment maker Ericsson also said in a recent statement to China Daily it is ready to partner with local companies to promote 5G deployment.

"Issuing 5G licenses is conducive to promoting positive development of China's 5G market and lays a good foundation for 5G applications," Ericsson said, adding the move will also promote efforts to explore 5G business models.

5G licensing will be a significant boost to the domestic economy, as it will drive the transformation and upgrade of the real economy, promote 5G application in various fields including manufacturing and agriculture and boost the digital economic growth, said Wang Zhiqin, head of the IMT2020 (5G) Promotion Group, a team established by the ministry to accelerate development of 5G in China.

"Issuing a license for China Broadcasting Network Corp, a new 5G carrier, will help build a next-generation communication network," Wang added. "Granting four 5G licenses is conductive to fostering rational competition and investment in the market."

According to Wang, the ministry will take key measures to promote 5G application, strengthen industrial management, better allocate resources, encourage companies to participate in 5G network construction and further integrate 5G with vertical industries.

The high-speed 5G technology is expected to revolutionize the tech world in the near future, as it will be able to transmit data at least 10 times faster than 4G.

In the 5G era, higher reliability and lower latency can be realized, making the internet of things more effective and enabling previously impossible tasks in the 4G era, such as overseeing self-driving vehicles.

Telecom equipment maker Huawei Technologies Co said in a statement on Thursday it is ready to help China accelerate commercial use of 5G.

Huawei's global pioneering capability to offer 5G solutions can support Chinese telecom carriers in building a sound network. China will lead the world in commercializing superfast wireless technology, the company said.

Huawei has invested about $2 billion into research and development of 5G since 2009.

ZTE Corp, another Chinese telecom vendor, said in a statement its products are ready for commercial use and it will actively participate in the commercial deployment and construction of 5G networks in China, and work closely with industry partners to actively promote 5G application.

China is set to become the world's largest 5G market by 2025, with 460 million users according to a forecast by industry group Global System for Mobile Communications Association.

The country's telecom carriers are forecasted to spend 900 billion to 1.5 trillion yuan ($134 billion to $223 billion) in total on 5G network construction from 2020 to 2025, according to a report from the China Academy of Information and Communications Technology.