Madrid, Sep 4 (IANS): Senior Vice President of Huawei Walter Ji said 5G technology "would transform the world".

Speaking at the 29th meeting for "Telecommunications and the Digital Economy" in the Spanish city of Santander, he highlighted Huawei was backing the new technology "because it will help us overcome the challenges which cannot be fully faced with existing technology", Xinhua news agency reported.

Ji on Thursday said Huawei was "playing a leading role in the definition and promotion of 5G in the world and had contributed actively to the 5G ecosystem".

He added 5G would allow for new applications, while allowing for new business models and even new industry, although needing massive investment from companies looking to develop it.

"Only in this way can we understand the shared needs for 5G networks in all vertical industries. We should let the needs of business lead the elaboration of the rules surrounding the innovation in technology and convert the 5G networks into the key factor for the future industrial revolution," said Ji.