China Mobile plans to reduce its mobile data fees this year, in response to Premier Li Keqiang's call in the latest government work report for efforts to increase broadband speed and lower rates for internet services.

Mobile data costs will be lowered by more than 30 percent, company Chairman Shang Bing said at a news conference on Thursday.

According to China Mobile's annual financial report, in 2017 its net profits increased 5.1 percent from a year ago to 114.3 billion yuan, while revenue grew 4.5 percent to 740.5 billion yuan.

The company had a net addition of 114 million 4G customers, bringing the total number of 4G customers to 650 million, while the 4G penetration rate of its mobile customers reached 73 percent, the report said.

Although the company still dominates the Chinese market with a 64 percent market share in 2017, the figure has decreased 6 percent from a year ago.

Cutting mobile data fees will put pressure on China Mobile as its earnings from mobile data service accounted for 50 percent of its total revenue to become its core business, news portal Sina reported, citing communications expert Fu Liang.

However, the company chairman said China Mobile has space to cut mobile data fees. By creating more value and lowering the price to attract more users, China Mobile can keep its earnings stabilized.