By Yifan Wang

Tencent Holdings said it will invest 500 billion yuan ($70.06 billion) over the next five years in technology infrastructure, including cloud computing, data centers and 5G networks.

The announcement comes after Beijing recently stepped up its policy emphasis on developing "new infrastructure," which refers to technology-driven projects from 5G networks and applications to electric vehicles and charging stations.

As part of the investment, the Chinese internet giant, known for its messaging app WeChat, will construct multiple hyper-scale data centers across China, it said in a statement on Tuesday.

Alibaba Group earlier said that it will spend an additional CNY200 billion in the next three years on its cloud infrastructure. 



  Write to Yifan Wang at yifan.wang@wsj.com