South Korean technology giant Samsung Electronics seeks to integrate state-of-the art technologies — including 5G, artificial intelligence and the internet of things — with the launch of its foldable smartphone, the Galaxy Z Flip.

Priced at 11,999 yuan ($1,712.3), the smartphone can fold into the size of a wallet. When the gadget is closed, it is a palm-sized device. When opened, its screen size nearly doubles to provide a 6.7-inch display, the company said.

The Galaxy Z Flip, which adopts new screen material, offers consumers a new experience, Choi Seungsik, president of Samsung Electronics China, said at a product launch ceremony.

Last year, Samsung unveiled its first consumer-ready foldable smartphone, the Galaxy Fold, which serves as a tablet when fully opened and becomes a phone when closed.

It also launched the Galaxy S20 series, which is the company's first full 5G flagship lineup, with artificial intelligence-powered camera technology.

Worldwide smartphone shipments decreased 1.1 percent year-over-year to 368.8 million units in the fourth quarter of 2019, IDC, a market research firm, reported. Apple shipped 73.8 million iPhones in that quarter to grab the top position, accounting for 20 percent market share worldwide. Samsung is close behind with about 18.8 percent of the market.

However, the tech heavyweight has faced intense competition from local rivals. Data from the market research company Canalys showed that Huawei continued to lead China's smartphone market in the fourth quarter of last year, with a record of 39 percent market share, followed by Oppo and Vivo.