Apple moves closer to China Telecom iPhone contract

Chinese regulators have approved specifications for an Apple (AAPL.NASDAQ) device which could operate on the network of China Telecom (CHA.NYSE, 728.HKG), bringing the technology giant one step closer to expanding its iPhone reach in the country, Bloomberg reported. In a statement posted to its website, the China Radio Management Office announced that it had approved Apple’s application for a handset which could tap China Telecom’s 3G network. However, Apple will still need a license from the Telecommunications Equipment and Certification Center before it can begin sales. If granted, the new reach could give Apple up to 33 million potential new subscribers, nearly doubling its access to existing mobile service subscribers in China. The iPhone is currently available only via China Unicom (CHU.NYSE, 600050.SH, 0762.HKG). Apple has declined to provide a timeline for China Telecom iPhone availability.