China Mobile's new chief met with analysts for the first time after last month's surprise top management reshuffle to ease investor worries and shed some light on the firm's third generation services plan. Wang Jianzhou, formerly the chairman of China Unicom, told analysts that a new 3G mobile network would cost as much as 100 billion yuan to 110 billion yuan over a two to three year period. '[This is] substantially more in absolute terms than the initial [cost of] 60 billion yuan mooted by management in the past,' said a report by Morgan Stanley. Analysts quoted Mr Wang as saying the new figure was based on an assumption of a full network build-out covering 80 per cent of mainland cities with capacity of up to 80 million lines. But they believed the new budget would include capital expenditure for China Mobile's existing 2G network. 'By mid-2005, 3G technologies will witness a leap, indicating 3G should be ready enough for roll-out by that time,' Goldman Sachs quoted Mr Wang as saying in a research report issued after the meeting.