Tencent announces 500 billion yuan investment in "new infrastructure" over five years

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Chinese tech giant Tencent Holdings announced a plan to invest 500 billion yuan ($70 billion) over the next five years in the so-called "new infrastructure", a major hi-tech initiative that would bolster Beijing’s efforts to drive economic recovery in the post-coronavirus era.

That massive investment will focus on fields that include cloud computing, artificial intelligence (AI), blockchain technology and Internet of Things, cybersecurity as well as the infrastructure to support them like advanced servers, supercomputers, data centres and 5G mobile networks, according to an announcement on Tuesday.

The Shenzhen-based tech . . .

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