With the rapid deployment and commercialization of 3G and 4G technologies, mobile business is becoming the most profitable and booming sector in the telecommunications market. On the one hand, mobile operators are fiercely competing for market shares, and on the other hand, they also need to develop killer applications in order to attract the signing up of end users and their increasing consumption of these applications. This type of market behavior fits nicely into the emerging economics literature on two-sided markets and platforms competition. In this paper, we use the evolution of the competitive landscape in China's mobile business markets as a case study to illustrate the strategies of mobile business players and implications for the government telecom policy.