China Mobile has already garnered more than 90 million 5G smartphone users as of Nov 30. "Currently, every month, more than 14 million 5G smartphones are activated to connect with our telecom network. By the end of next year, the monthly figure is expected to exceed 27 million units," Jian said.

Signs of the expected boom were evident during this year's Singles Day online shopping festival that ran from Nov 1 to Nov 11, when 5G smartphones accounted for over 90 percent of the best-selling handsets sold on major e-commerce platforms.

"We think nearly 300 million users on our telecom network may upgrade to 5G. We aim to have 200 million new 5G smartphones connected to our network next year," Jian said.

To achieve the target, China Mobile will devote more than 20 billion yuan ($3.06 billion) worth of resources to encourage consumers to buy 5G smartphones. And 10 billion yuan will go into research and development, and more than 10 billion yuan into marketing and partnerships.

Ma Jihua, an independent telecom analyst who has been following the industry for more than a decade, said China Mobile's every move in 5G is being closely watched by the global telecom industry.

"Such a big investment promise from China Mobile sounds like a clarion call to the nation's 5G industry. It will attract more industrial resources to the task of increasing the popularity of 5G smartphones, and will also catalyze the emergence of 5G 'killer apps'," Ma said.

Sensing the huge business opportunity, smartphone makers in China are vying to unveil high-end 5G devices with cutting-edge functions as well as budget-range handsets, so as to bring in different consumer groups into the new technology fold.

For instance, in September, Realme, a relatively new entrant to the market, unveiled a 5G phone priced under 1,000 yuan－arguably the most affordable 5G smartphone in China. It also marks Realme's aggressive push to establish a presence in the fiercely competitive 5G handset market.

Other players such as Vivo and Xiaomi have also been rapidly expanding their 5G smartphone portfolios. Their products encompass all price points to reach more customers.