CITIC Inks Telecom Pact with ChinaSat

Home>>Business

Last updated at: (Beijing Time) Wednesday, June 05, 2002

CITIC Inks Telecom Pact with ChinaSat

DISCUSSION

CHINESE

SEND TO FRIEND

China International Trust and Investment Corp (CITIC) and China Satellite Communications Corp (ChinaSat) signed an agreement last weekend to jointly explore China's telecom business, according to Ji Feng, spokesman for CITIC.

The two sides are still discussing details of the operation and a plan for future development, the spokesman said.

ChinaSat is a relatively minor telecom operator among China's six basic telecom carriers, but the company is the country's major satellite communications provider.

The move is a breakthrough for CITIC, which has been eyeing the telecom business in recent years. After years of development, CITIC has constructed broadband networks in many provinces. Its cable TV network links 7 million people and has the capability of covering 210 million people.

In the co-operation agreement, CITIC and ChinaSat will link the networks in the sky and on the ground to form a more powerful and wider net coverage.

With the emergence of a more powerful telecom provider, the market will become more competitive.

CITIC has been active in telecom-related operations, but it has yet to get a licence from the Ministry of Information Industry to provide fixed-line, mobile or other basic telecom services.

Mergers, acquisitions and co-operation have thus become its only path to the basic telecommunications business.

Questions?Comments? Click here

China Launches First Foreign-controlled Telecom Firm

Telecom Competition Not "A Game Without Rules": Official

New Telecom Giant to Be Set up

Japanese, Chinese Economy Combined to Overtake US in 20 Years ( 91 Messages)

US Taiwan Acts Jeopardize Sino-US Ties: Analysis ( 64 Messages)

'Kunlun' Jet-engine to Power China's Airforce ( 14 Messages)

China Wins Contract to Build Another "Three Gorges" Dam in Africa ( 8 Messages)

China's Economy will be World's Second-largest by 2030: Report ( 12 Messages)

Asymmetric Trial of Strength: Commentary ( 4 Messages)