China OKs test scheme to open up mobile-phone sector


China has approved a pilot scheme that will allow 11 private "virtual carriers" to sell mobile phone services using the infrastructure of the country's dominant operators, China Mobile (CHL), China Telecom (CHA) and China Unicom (CHU).

"It's a milestone," says the Ministry of Industry & Information Technology. "It will draw private investment, and stimulate competition and innovation in the telecoms sector," giving "consumers greater choice and better service."

The 11 companies to receive permits include Net.cn, a unit of online retail giant Alibaba.

ETFs: CHIQ, CQQQ, QQQC, KWEB

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