South Korean technology giant Samsung Electronics on Wednesday unveiled its new foldable smartphone, the Galaxy Z Fold 2 5G, in China, in an attempt to get a bigger slice in the world's largest mobile phone market.

Priced at 16,999 yuan ($2,483), the handset serves as a tablet when fully opened and becomes a phone when closed. When folded up, the phone has a 6.2-inch display designed to fit in the palm of a hand, and when opened, it has a 7.6-inch display that's tablet-sized.

Samsung is always at the forefront of innovation and proud of being a leader in the technology industry, Choi Seungsik, president of Samsung Electronics China, said at a product launch ceremony. He noted the gadget owns the most innovative foldable screen of the company and brings about an immersive watching and gaming experience for consumers.

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 Z Flip in February this year.

Global foldable smartphone shipments will grow from under 1 million units in 2019 to 100 million by 2025, according to the latest research from Strategy Analytics. It predicted that foldables will be the fastest-growing segment in the premium smartphone market for the next decade.

A report from market consultancy Canalys showed that Samsung shipped 53.7 million smartphones, a 30 percent plunge versus the same period last year, taking up an 18.9 percent share in the global smartphone market.