HANGZHOU, Jan. 21 (Xinhua) -- An "innovation park" centering on fifth-generation (5G) technology has been launched in Hangzhou, capital of east China's Zhejiang Province.

The park, located in the Hangzhou Future Sci-Tech City, is the first park in China completely covered by 5G and provides conditions for 5G technology research. The first phase of the park covers an area of 100,000 square meters. It is expected to become a renowned center for 5G technology development and application by 2025.

An opening ceremony was held Sunday in the Hangzhou Future Sci-Tech City, with more than 1,000 people in attendance. A total of 11 institutions and companies signed 10 agreements on 5G technology at the ceremony. The agreements included cooperation on developing the digital economy and the building of artificial intelligence (AI) research centers and smart vehicle testing platforms.

Experiments in sectors such as AI, AR/VR, drones, smart communities and smart logistics will be conducted in the park. Preferential policies will be offered to 5G ventures in the park.

With transmission speed significantly faster than 4G, 5G technology is expected to set off a new wave of digital economic growth, powering emerging industries like networked intelligent vehicles, virtual reality and mobile healthcare.