The country boasts the world's largest 5G deployment, with more than 130,000 base stations constructed.

Its telecom carriers provide 5G services in more than 50 cities, securing a total of 3 million subscribers in just two months after the technology was officially commercialized, according to the Ministry of Industry and Information Technology.

Wang Zhiqin, deputy head of the China Academy of Information and Communications Technology, a government think tank, said, "China has maintained its 5G deployment momentum in the face of challenges."

She said the technology can enable countless devices and equipment to connect to the internet and "talk" to each other, which will make the long-predicted era of the internet of things a reality.

"This year, we will see large-scale construction of 5G networks, a kaleidoscope of industrial applications emerging and 5G smartphones rapidly becoming popular in China," Wang added

Huawei estimates that some 400,000 new 5G base stations will be built in China by the end of the year, with services available in more than 300 cities.

In its latest report, US investment bank Goldman Sachs painted an even more optimistic picture, forecasting that the country would build about 1 million new 5G base stations this year, up from its original prediction of 600,000.