China's telecommunications market saw its revenue expand 7% to RMB814 billion in 2008, the Ministry of Industry and Information Technology said Sunday. The growth was slower than GDP growth. The mobile service business was up 15.1% to RMB449 billion as the number of users increased by 93.9 million to a total of 641 million, while local and long-distance landline service businesses were down 9.4% and 7% respectively due to the loss of 24.8 million landline subscribers to 341 million. The top three industry players, China Mobile (NYSE: CHL, HKG: 0941), China Telecom Corporation (NYSE: CHA, HKG: 0728) and China Unicom Corporation (NYSE: CHU, SHA: 600050, HKG: 0762) are yet to release their yearly statements.
$1 = RMB6.8
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