China Telecommunication Corp to cut 200,000 jobs in 5 years

By Bloomberg, CNET News.com
Thursday, August 03, 2000 06:34 PM
HONG KONG--China Telecommunication Corp, the state-owned company that operates the mainland's fixed-line network, will cut operating costs by slashing 200,000 jobs in the next five years, company president Zhou Deqiang said.

China Telecommunication currently has 530,000 staff, the China Daily reported.

Separately, the company said only 11 of the operator's 31 branches are profitable.

China Telecommunication Corp was reported last month as planning to sell as much as HK$12 billion (US$1.6 billion) of shares in Hong Kong and the US.

China Telecommunication Corp was spun off from China Telecom after the Chinese government broke up the holding company into fixed-line and mobile phone operations.

The latter is owned by China Mobile Communications Corp, parent of the Hong Kong listed China Telecom (HK) Ltd.


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