NPC: Same Old Same Old, China Mobile Hypes 4G, More Handouts for Bank of China

The annual party for top execs of state-run behemoths, also know as the National People’s Congress, is officially up and running in Beijing and — surprise surprise — we’re hearing more of the same old stuff from China’s top capitalist communists. China Mobile (HKEx: 941; NYSE: CHL) Chairman Wang Jiianzhou was out talking up 4G, as he dodged questions about his company’s weak showing in a national 3G race that has seen rivals Unicom (HKEx: 762; NYSE: CHU) and China Telecom (NYSE: CHA; HKEx: 728), armed with better technology, gain significant market share. Wang says his company has significantly expanded trials for its untested 4G technology. Still, I wouldn’t hold my breath that China’s telecoms regulator — after dragging its feet forever to get 3G up and running — will be in any hurry to issue 4G licenses anytime soon. Meantime, Bank of China’s (HKEx: 3988; Shanghai: 601398) President Li Lihui told reporters at the NPC his bank could do even more fund raising to arm itself against future downturns. (English article) I honestly can’t see the government giving a green light to this one after allowing all its banks — including BOC — to raise billions in new funds less than a year ago. And the fact that they’re even talking about doing something like this again so soon could be a warning flag to investors that trouble could be brewing below the surface of those hunky dory quarterly reports  that Bank of China and its peers are always issuing.