| 摘 要： | The People’s Insurance(Property)Co.(PICC Property)and the China Telecommunications Broad-cast Satellite Corp.(Chinasat)signed ＄220 million worth of contracts on July 29,1996 on two communi-cations satellites.The two telecommunications satellites are the Dongfanghong 3,developed by the Chi-nese Academy of Space Technology,and Chinasat 7,a product of the US Hughes company. The two satellites were planned to be responsible for the relay of the broadcasting of 15 televisionchannels,including some from China Centraal Television (CCTV),and for the expansion of the country’stelecommunications capacity.Chinasat7 was launched on August 18,1996 and failed to enter its plannedorbit.Dongfanghong 3 is scheduled to be launched by China’s Long March 3A launch vehicle at the endof the year.It is the first deal for PICC Property since the transformation of its parent company.PICC
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