China Broadcasting Network launched

China has officially launched a State-owned China Broadcasting Network Ltd —dubbed by industry watchers as "the nation's fourth network operator" on Wednesday.

The newly-launched company has a registered capital of 4.5 billion yuan and has appointed Zhao Jingchun, former bureau chief of Henan Administration of Press, Publication, Radio, Film and Television, as the chairman.

China Broadcasting Network will operate businesses in cable network construction, operation and maintenance, as well as some related consulting work, research and development of certain technologies.

Xinhua News Agency said the new company is expected to act as a major force to promote China's progress in three-network convergence, which aims to combine cable television, telecommunications and the Internet into one seamless chain.

It is China's fourth network operator, following China Mobile Ltd, China Unicom (Hong Kong) Ltd and China Telecom Corp Ltd.