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The company plans to invest 6 to 8 billion yuan on 5G spending in 2019, and it will decide the investment scale in 2020 based on how 5G trial networks run this year, Wang added.

The company, one of largest pharmaceutical exporters in China, has established local offices in the US and UK for product registration and marketing, and its pharmaceutical preparations have achieved remarkable success in developed markets such as the US, Europe, New Zealand and Australia.

The company now has two overseas manufacturing plants in Thailand and Serbia, respectively.

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The company, also known as Sinopec, has replaced coal with geothermal energy in 10 cities nationwide so far, including Daming in Hebei province and Qingfeng in Henan province, said Ma Yongsheng, president of Sinopec Corp, during the 2018 China Geothermal Energy International Forum in Shanghai on Tuesday.

The company is set to bring the 127th Canton Fair, a major trade event in China, online for the first time in June by becoming its sole technical service provider.

The company's honest move won not only a letter of thanks from its American business partners but also brought it more orders.

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The company is promoting its products in the domestic market but faces challenges such as production costs that are higher than its Chinese competitors－because of its higher quality standards－and a lack of brand recognition in China, he said.

The company's overseas sales director, Leon Ou, said the structure and safety of both types have been optimized to comply with the European standard, and is competitive in price compared with European products.

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The company will also build a hospital and school in the high-tech district. The school is to serve its employees and local people. It plans to recruit 1,000 primary school students in the first phase and build a junior middle school in the second phase, recruiting 500 students.

The company's revenue hit 3.76 billion yuan (0 million), up 47 percent year-on-year, according to the firm's financial report.