2002年，全球电信业在增长阶段上发生了重大转折。世界电信市场持续低迷，中国电信市场在连续10年高速增长后开始回落。在此背景下，中国电信运营商在国内外资本市场全面出击，上演了波澜起伏的悲喜剧。我们有必要对这一段并非中国电信运营业“资本元年”的时期进行盘点，从中 In 2002, the global telecommunications industry experienced a significant turning point in the growth stage. The world telecom market continued to be in a downturn. The telecom market in China started to decline after its rapid growth for 10 consecutive years. Against this background, Chinese telecom operators have taken full swing in both domestic and overseas capital markets and staged ups and downs in tragedies and comedy dramas. It is necessary for us to conduct an inventory of the period that is not the “first year of capital” of China’s telecom operation industry