Nokia created a joint venture with and China Huaxin Post & Telecommunication Economy Development Center, telecommunication companies.The new joint venture will be branded as Nokia Shanghai Bell (NSB). The joint venture will become Nokia's exclusive platform in China for the continued development of new technologies in areas like IP routing, optical, fixed and next-generation 5G; and with the support of Nokia, NSB will continue to look for opportunities in select overseas markets. "Today's agreement is historic for Nokia and for China, marking the next step of our decades-long commitment to the country and underscoring China's leading role in developing next-generation communication technologies. Nokia Shanghai Bell will enhance our ability to innovate, helping us strengthen ties with communication service providers and expand to new, fast-growing sectors in need of high-performing networks." Rajeev Suri, Nokia President and CEO.