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On Thursday China Mobile Ltd which is the largest phone company across the world made a statement that their profits for the year 2008 increased 29.6 percent regardless of the slow economy. It was also said that it will benefit from stimulus expenditure in Beijing. One of the Beijing’s company said that the earnings increased to 112.7 billion yuan as the revenue increased 15.4 percent to 412.2 billion yuan regardless of the slump and earthquake in China.

According to the statement released by the company, the China Mobile added over 7.2 million new customers every month in the year 2008 which helped in increasing the total to 456 million accounts. According to the number of customers which is estimated at 649 million accounts, China is ranked as the world’s largest cell phone market.

In a statement made by the chairman and Chief Executive Officer Mr. Wang, the year of 2008 was the year of the challenges and the group attained new heights in different fields. Various efforts made to develop the business really helped in flourishing the business. According to the China Mobile Ltd they are anticipating to earn profit from the China’s four trillion yuan stimulus. This way the demand will be increased for the telecom services and will also support government hard work for encouraging domestic development of the technology.

The economic development of China considerably came down to 6.7 percent for the final quarter of the year 2008 and it was down by 2007’s growth of thirteen percent. There is a prediction that in the current year the development rate will decrease to as low as five percent but it will be a major one as compared to any other main economy. Different carriers and China Mobile Ltd experienced heavy loss in the earthquake that hit Sichuan in the southwest of China on May 12th which killed around ninety thousand. One of the employees of the China Mobile Ltd died during the maintenance work.

In a statement China Mobile Ltd said that they suffered no considerable losses due to the economic crisis across the world. Mr. Wang was quite positive about the rollout of the Chinese Mobile of their 3G cell phone mobile network. The whole system is totally based on Chinese standard and it has not been used before. The experts are of the view that the company probably will face some tests if the company provides the complete services that is based on the technology.

The previous year Beijing reorganized their telecom industry in order to refresh the level of competition. They want to reorganize the carriers in the states in three different groups every carrier with the fixed and mobile resources. Mr. Wang gave a statement that China Mobile Ltd will seek more and more overseas investments but he didn’t mentioned any concrete target markets. In the beginning this year for developing the network, the company will be investing five hundred million with its subordinate in Pakistan, CM Pak Ltd.