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ASKED WHAT WAS the main challenge facing his company in 2010, Wang Xiaochu, chairman and chief executive of China Telecom, replies concisely: “Intensifying market competition in the telecommunications sector, especially fixed to mobile substitution.” In other words, the big challenge for the company topping this year’s best-managed companies in Asia poll was a straightforward business problem of increased competition rather than the crises of liquidity, strategy and leadership that have hammered some of the leading blue-chip names from the west.
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