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In the balance

机译：在平衡中

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摘要

The Beijing Olympics have put the spotlight on China like never before. But the People's Republic is also on the brink of a new phase in its telecoms industry that could change the future market dynamics both for foreign and domestic players. The Beijing Olympic Games were always going to make 2008 a landmark year for China. But it is also shaping up to be a significant year for the telecoms industry in the People's Republic, as it initiates the long-awaited restructuring of its fixed and mobile operators and finally sets the conditions for issuing 3G licences. The restructuring process promises to be more of a marathon than a sprint as six operators are folded into three fixed-mobile giants. But the new industry landscape is likely to present significant opportunities for foreign vendors, and also potentially for foreign operators in the longer term. Vodafone, for example, holds a 3.30% stake in China Mobile, while Telefonica owns a 7.22% stake in China Netcom, although some holdings could be diluted following the restructuring says Pyramid Research.
机译：北京奥运会前所未有地聚焦于中国。但是，中华人民共和国也处于电信业的一个新阶段的边缘，这可能会改变国内外参与者的未来市场动态。北京奥运会总是使2008年成为中国具有里程碑意义的一年。但是，由于它启动了人们期待已久的固定运营商和移动运营商的重组，并最终为发行3G许可证奠定了条件，因此对于中华人民共和国的电信行业来说，也将是重要的一年。重组过程有望成为一场马拉松，而不是短跑冲刺，因为六家运营商被合并为三家固定机动巨人。但是，从长远来看，新的行业格局可能为外国供应商带来巨大的机会，也可能为外国运营商带来巨大的机会。例如，沃达丰持有中国移动3.30％的股份，而西班牙电信持有中国网通7.22％的股份，尽管重组后一些股份可能会被稀释。

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