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As China moves to the forefront of fifth-generation or 5G mobile communication technology, 6.3 trillion yuan (5 billion) of economic output and 8 million jobs will be created by 2030, a telecom academy said.

As China moves closer to the center of the international stage, the world is watching which development path the Asian giant will choose to embark on its new journey.

Apple also faces challenges from domestic smartphone makers in China such as Huawei and Xiaomi, which have grabbed more market share.

Apple was named the most respected company in the world, jumping up from third place last year to pass Berkshire Hathaway, which previously held the top spot.

Apple said its services division, which includes iCloud, the App Store and Apple Pay, saw revenue advance to .9 billion, up 19 percent over the prior year. The company said China's move to pause approving new games for the App Store last year is affecting revenue in the segment.