TOKYO -- Fujitsu unveiled key specifications on Wednesday for its newest supercomputer as the company seeks to catch up with American and Chinese rivals in the global speed race.

The decision on the central processing units puts Riken, a Japanese research institute partnering with Fujitsu, on schedule for having the new model operational by 2021. The computer will be about 100 times faster than its predecessor, dubbed K, and about 10 times quicker than the current fastest supercomputer, IBM's Summit.

Tokyo has provided about 110 billion yen ($998 million) for the so-called Post-K project, while the Japanese company is investing about 200 billion yen.

Post-K is one of Fujitsu's key growth fields, along with artificial intelligence and its quantum computing-inspired digital annealer. But the company's earnings have been poor, as segments like network products struggle.

Fujitsu's operating margin was just 4.5% for the year ended in March, far from President Tatsuya Tanaka's target of over 10%. The company is quickly restructuring its business by placing mainstay information technology services at the center and selling noncore sectors like cell phones, personal computers and semiconductors.

Improving IT services will require keeping up with the "internet of things." Supercomputers have supported the field by quickly and accurately processing the vast amount of data gathered from various objects.

Not only is Fujitsu combining supercomputers with AI, the Japanese company also sees industrial uses for such machines.

"Demand is expected in a wide range of fields from the manufacturing industry and pharmaceuticals to logistics," said Akihiko Fujino, director of Fujitsu's technical computing solutions unit. "There is even room for the supercomputers to spread among small and midsize businesses."

But Fujitsu's future in the field may not be so bright. The U.S. and China dominate the highest ranks of the Top500 project's list of the fastest supercomputers. China, which is hastening technological innovation, has secured its own technology and is rivaling the U.S. Only 16 of the top 100 are in Japan.

Few companies in Japan are developing supercomputers, and prospects are slim for financial support from the government to cover the large costs. Advances in quantum computers, which have superior abilities compared to supercomputers, also accelerating as well. As a result, Japan's government expects its investment in Post-K to contribute to the country's industrial sector.