The Ministry of Industry and Information Technology on Thursday issued a telecom license to China Broadcasting Network Ltd, making it the nation's fourth telecom operator.
The ministry said in a statement on its official website that it has issued a basic telecom business license to CBN, permitting the company to operate internet data transmission business and domestic telecommunication infrastructure service business.
The ministry has also allowed China Cable Television Network Co Ltd, a subsidiary of CBN, to operate the two businesses.
CBN now becomes the nation's fourth telecom operator after China Mobile Communications Corp, China United Network Communications Group Co Ltd and China Telecommunications Corp, intensifying the competition among domestic telecom carriers.
China Mobile's stock slipped 0.17 percent to HK$87.9 ($11.33) on Thursday on the Hong Kong Stock Exchange and China Telecom declined 0.79 percent to HK$3.75. Shares in China Unicom were down 0.55 percent to close at HK$9.02.
The purpose is to promote a three-network convergence, which combines cable television, telecommunications and the internet into one seamless chain, and promote competition in the market, said the ministry.
Chen Zhaoxiong, vice-minister of industry and information technology, said awarding the telecom license to CBN is of great importance and the authorities also imposed related conditions on the company.
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