BEIJING, Jan. 20 (Xinhuanet) -- The China Network Communications Group Corporation and PCCW Limited announced here Thursday a strategic alliance to jointly develop their respective business inChina's mainland and internationally.

    The China Netcom Group has agreed to pay approximately one billion US dollars in cash, at 5.90 HK$ per share, for a 20 percent stake in the enlarged share capital of the Hong Kong-listed PCCW Limited. Enditem