Nation becoming top mobile phone market

China will become the world's largest mobile phone market by revenue for the first time by year end, overtaking the United States, an industry report said. Internet guru Mary Meeker has identified the country as the most mobile nation in the world.

Phone sales will reach $87 billion in China during 2014, a jump of 53 percent year-on-year. That compares with $60 billion projected sales in the US, Strategy Analytics said.

Smartphones dominate sales. Chinese shoppers will buy more than 400 million smartphones this year, according to local research company Analysys International. The amount is on track to break 500 million by 2016, it said.