Shares in China’s second and third-largest state-owned telecom companies jumped yesterday on news of an alliance between them to take on market leader China Mobile.中国第二和第三大国有电信运营商的股价昨日大上涨，原因是它们宣告将结成联盟与市场领先者中国移动(China Mobile)进行竞争。China Unicom and China Telecom outlined a wide-ranging agreement to fight their dominant competitor with areas of strategic co-operation including sharing capital expenditure and promoting smartphone standardisation, in addition to joint negotiation of international roaming rates and working together to promote their products.为了挑战目前占到霸主地位的竞争对手，中国联通(China Unicom)和中国电信(China Telecom)发布了一份普遍的协议，白鱼在多个领域积极开展战略合作，还包括分享资本开支、推展智能手机标准化、牵头谈判国际漫游资费，以及合作推展它们的产品。

Third-ranked China Telecom and number two China Unicom each rallied more than 7 per cent in Hong Kong before ending the day up 4.8 per cent and 3.8 per cent, respectively.名列第三的中国电信和名列第二的中国联通在香港上市的股票一度皆下跌7%以上，最后分别收涨4.8%和3.8%。Chris Lane, telecoms analyst at Sanford Bernstein, said that the key components for both companies were an agreement to share a new rural 4G network and a proposal for a national smartphone standard.盛博(Sanford Bernstein)电信分析师克里斯莱恩(Chris Lane)回应，对两家公司来说，关键内容是表示同意分享一个新的农村4G网络，以及一项国家智能手机标准的建议。“They’ve in essence decided to build a third network, a 4G network that will serve both the Unicom and the Telecom subscribers in the rural areas,” said Mr Lane, which would save them capital expenditure of 30-40 per cent and operational spending of 50 per cent.“他们实质上已要求建设第三个网络，这将是一个4G网络，在农村地区为联通和电信两家的用户服务，”莱恩回应。

此举将让两家公司节省30%至40%的资本开支，以及50%的运营开支。Mr Lane said any financial benefits from the deal were at least 18 months away. Bernstein forecasts upside of 11-12 per cent for each company’s stock price over the long term.莱恩回应，这笔交易的财务效益最少也要到18个月后才能显出。

盛博预测，远期而言联通和电信两家的股价各有11%至12%的下跌空间。Analysts said that another aspect of the deal — promoting a new smartphone standard based on supporting six common technologies — would probably appeal to the Chinese government, and appeared to be an effort to enlist ministry officials to pressure China Mobile into signing on too.分析师们回应，该协议的另一个方面——推展六模“仅有网通”沦为智能手机的国家标准——很有可能对中国政府具备吸引力，而且或许意图促成工信部官员对中国移动施加压力，拒绝该公司也反对这种标准。

The new standard would make things easier for handset manufacturers because they would only have to make one version for all three carriers. China Telecom would stand to benefit the most as it currently uses the most limited standard.新标准将让手机制造商的日子好过一些，因为它们将只必须为三家运营商生产一款手机。中国电信借此将获益仅次于，因为它目前使用局限性仅次于的技术标准。China Mobile dominates the market with a 63 per cent share, far outweighing China Unicom’s 22 per cent and China Telecom’s 15 per cent.中国移动目前主导着市场，占有63%的份额，相比之下远超过中国联通的22%和中国电信的15%。The alliance follows a shuffle in August when Chang Xiaobing, former chairman of China Unicom, took the same role at China Telecom while Wang Xiaochu, departing chairman of China Telecom, took the same post at China Unicom. According to one former telecom official, the alliance was directed by Mr Wang. In contrast, Mr Chang resigned from China Telecom in December as a result of anti-corruption probe.这一联盟揭晓之前，中国电信业在去年8月展开了高层人事配对，当时中国联通前董事长常小兵兼任中国电信董事长，同时中国电信将要卸任的董事长王晓初兼任中国联通董事长。

据一名前任电信官员透漏，这个联盟是王晓初推展的。相比之下，常小兵在去年12月因沦为反腐调查对象而从中国电信请辞。While executives at both telecom groups insisted that the alliance was not a precursor to a full merger, analysts said it could be the first step in a broad restructuring of the industry and that a merger should not be ruled out.尽管两家电信集团的高管都否认这个联盟不是全面拆分的前奏曲，但分析师们回应，此举有可能是电信业普遍重组的第一步，拆分的可能性不应当被回避。Restructuring the industry appeared to have begun in October with the merging of cell tower assets into a single company, designed to reduce duplication and foster efficient capital spending.中国电信业的重组或许已在去年10月跟上，首先是把手机信号塔资产拆分成一家公司，借此增加反复和增进高效率资本开支。

The moves to pool tower assets, swap chairmen, and now to join up in a strategic alliance underlines just how clubby the world of the Chinese telecommunications industry can be, with the state encouraging just enough competition between companies to keep them from becoming complacent. The government believes too much competition could create waste and duplication.分享信号塔资产、董事长调换，现在又再加战略联盟——这些措施凸显中国电信业多么像一个小圈子，政府希望各公司之间不存在恰到好处的竞争，防止它们显得可笑。政府坚信，过分白热化的竞争有可能导致浪费和反复。

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