China Telecom establishes quantum technology group

China Telecom has invested 3 billion yuan ($434 million) to establish the China Telecom Quantum Information Technology Group Co., it said in a statement on its official WeChat account Tuesday.

The new entity, to be based in the eastern Chinese province of Anhui, will focus on developing quantum technology, stepping up the pace of quantum product updates and promoting the industry nationwide, the statement said.

The investment marks the latest move by a Chinese telecommunications giant to try to tap into quantum technology, and reflects Beijing’s ambition to pull ahead in the global race to harness the power of quantum computing.