China's three telecom giants sign strategic cooperative agreements with Zhejiang

Thu. March 12, 2009; Posted: 04:56 AM

BEIJING, Mar 12, 2009 (Xinhua via COMTEX) -- CIUCF | Quote | Chart | News | PowerRating -- China's three telecom giants, China Mobile Communications Corp. (CMCC), China United Telecommunications Corp. (Unicom Group), and China Telecommunications Corp. (Telecom Group), lately signed strategic cooperation framework agreements with East China's Zhejiang Province, nodding a combined investments of about 100 billion yuan in the coming five years.

According to the agreement, CMCC, parent of China Mobile (0941.HK; CHL.NYSE), and Zhejiang government will intensify their cooperation with the province in the fields of construction and application of TD-SCDMA, promotion and development of information industry, informatization application, new information service industry, training and production cooperation, study and research, and domestic demand and employment.

The carrier plans to invest over 50 billion yuan in the coming five years in Zhejiang with 12 billion to be realized this year, which is expected to drive the provinces' industrial investment valued at multi-hundred billion yuan and offer 100,000 jobs.

CMCC will establish an internet data center in Zhejiang this year, and construct a TD-SCDMA industry park there before 2011 with an overall investment of one billion yuan.

Unicom Group, parent of China Unicom (0762.HK; CHU.NYSE), has earmarked 20 billion yuan for construction of network infrastructures in Zhejiang Province within five years, and will try to have its WCDMA network cover major regions of the province by September.

Telecom Group, parent of China Telecom (0728.HK; CHA.NYSE), will allocate 20-30 billion yuan for Zhejiang's informatization construction, and the provincial government agrees to support the telecom operator's business transformation and development.

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