Huawei said the Mate X would come with one of its existing 5G modems and could download a one gigabyte movie in as little as three seconds if a fast enough connection was available.
Like Samsung’s device, it also features a battery on each of its two sides, but claims to be able to recharge more quickly.
“Both foldable phones are 5G-capable and are instantly distinctive from the smartphone designs of the last 10 years,” commented Ian Fogg, an analyst at the mobile analytics company Opensignal.
“But 5G is arriving on regular designed smartphones too, at lower prices, and more quickly.
“Because of that, more people will experience the benefits of 5G this year than the novelty of an expanding smartphone display.”
The Mate X has been priced to start at 2,299 euros ($2,600; £1996) and is due to go on sale from the middle of this year.
That compares to the $1,980 figure quoted by Samsung, although once taxes are taken into account the gap should be smaller.
Huawei’s consumer devices chief Richard Yu acknowledged that the price was “very expensive” but said he hoped it would be reduced over time.