Official announcements from HSBC Fintech or China's Ministry of Industry and Information Technology (MIIT)

China Opens Telecom Sector to Foreign Companies, Tesla Among First to Join Pilot Program in Shanghai

Oct 23, 2024, 10:29 AM

China is further opening its telecom sector, allowing foreign companies to set up wholly-owned ventures to operate internet data centers in certain pilot zones. Tesla is among the first companies approved to participate in this pilot program, which permits them to fully own and operate telecom services in China. A total of 10 foreign enterprises, including Tesla, Trafigura, HSBC Fintech, and a subsidiary of Siemens, have filed applications to join the pilot telecom value-added service program in Shanghai. This initiative by China's Ministry of Industry and Information Technology (MIIT) aims to attract more foreign investment and enhance the country's telecom infrastructure.