Telecom reshuffle with eye on innovation
Print Edition
CHINA’S state-owned telecom carriers reshuffled their top-level managerial posts to speed up reforms and encourage innovation to revitalize the sluggish market.
Shang Bing, vice minister at the Ministry of Industry and Information Technology, will replace Xi Guohua as new chairman of China Mobile. China Telecom Chairman Wang Xiaochu and Chang Xiaobing, China Unicom chairman, will swap places.
Xi, former MIIT minister before taking up the job at China Mobile, is retiring, according to statements released by the firms and the State Council, China’s Cabinet.
A similar reshuffle was carried out in 2004.
The three carriers have more than 1.1 billion mobile users.
The management reshuffle is expected to make the market open and regulated. More importantly, the intention is to boost innovation in the industry, which is under pressure for 4G base stations and faster broadband networks, lower mobile voice and data prices. A booming mobile message and other services developed by Internet firms have also threatened their dominance, analysts said.
Hong Kong-listed China Mobile slipped 7.9 percent, its biggest loss since November 2008, compared with the Hang Seng Index’s decline of 5.8 percent yesterday. China Telecom dropped 6.5 percent, the most since December 2008, while China Unicom was down 2 percent.
China Mobile, whose profit surpassed the combined figures of the two small rivals, dropped 0.8 percent in the first half, because of competition and capital pressures and challenges from Internet firms including Tencent and Qihoo 360.
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