The day is coming soon when people in China and the rest of the world can easily stream movies and do much, much more with their smart phones thanks to high-speed 5G data services.

But just when? Industry experts gathered at a 5-G conference in Beijing on Thursday to discuss the new technology and how far away it might be from becoming the next best thing.

It will be a dream come true for the world's smart phone users, if they can stream entire movies on their phone in just a few seconds.

5G technology  provides 10 to 100 times the connection speed that the current 4G offers and it will make that dream a reality.

Governments around the world are already trying to take the lead in setting industry standards, including China.

"Promoting 5G technology is written into China's 13th five year plan and the Made in China 2025 strategy. We will put 5G to commercial use by 2020," said Miao Yu, Ministry of Industry and Info. Technology.

But for consumers, the bigger concern might be whether a 10 time jump in speed would mean a 10 time jump in fees.

"When 5G comes, you can spend the same amount of money for faster speed. In fact it should be a price drop since you're getting better service per yuan," said Wang Yufeng, industry insider.

Experts say a much more exciting prospect for 5G is that its fast speed can allow businesses to realize seamless connectivity. A notable example is driverless cars.

With 5G, cars can communicate real time with other cars on the road as well as with city traffic systems. That would make the driverless concept much more reliable.

Experts say it's very likely that we might see 5G within this decade and that it will create a torrent of opportunities for businesses and governments.