China Telecom will earmark $6.9B for mobile network

Fixed-line carrier China Telecom, which said today that its parent will spend $6.88 billion in 2009 to expand its wireless network, has put off plans to pursue a strategic partner, according to CEO Wang Xiaochu, citing the weak economy. The telecom, whose earnings tumbled 96% in 2008, hopes to deliver wireless services to more than 300 cities by midyear.

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