Globalstar Telecommunications Limited GSAT Message Board

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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 59.34

+4.5%

11:24 AM EST

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To: djane who wrote (7388)	9/14/1999 5:53:00 PM
From: djane	Read Replies (1) of 29987

China Cuts Telecom Investment 20% as Revenue Falls With Tariffs By Peter Harmsen at Bloomberg News 14 September 1999 China plans to cut its investment in telecommunications networks and equipment by a fifth this year to 120 billion yuan ($14.5 billion), saying tariff reductions are eroding revenue. China invested about 150 billion yuan in telecom businesses last year. The reduction comes as revenue from new subscribers dropped by as much as 8 billion yuan since March, when tariffs were cut, said Wu Jichuan, the Minister of Information Industry. About half of the 120 billion yuan to be invested in telecoms this year is expected to be allocated to mobile phone networks and equipment, reflecting rapid growth in that industry. China now has 36.2 million mobile phone subscribers, up from 25 million at the end of last year, Wu said. China Telecom, which plans to turn its mobile unit into a separate company, accounts for 32.9 million subscribers, while China Unicom has 3.3 million, Wu said. The ministry's plans mean investment in telecom networks and equipment will have to be accelerated through December. Through August, investment totaled 55.3 billion yuan. Another 64.7 billion yuan must be invested during the last four months of the year to meet the target. Copyright 1999, Bloomberg L.P. All Rights Reserved.

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