It's early, with minuscule deployments except in Korea, China, and the U.S. (next month.) Nothing's proven, but these conclusions look likely.
Works well: Government orders (China,) Gov "guides" (Korea,) Competition moves (Korea, U.S.)
Probably doesn't: Moderate changes in external costs (Small cells made easier, duct access.) Reductions in spectrum fees. (Most to shareholders, not investment,) Minimally useful spectrum (24 GHz.) Details:
Orders. With the approval of the Politburo, Minister Miao Wei directed the three telcos to build 5G at a ferocious rate. 100,000-200,000 cells in 2019; millions soon after. 25 ms Edge Network to 90%. Political power like that has an obvious downside.