Telefónica, the world’s fourth largest telecoms company, has expressed confidence that it will become the strategic partner of China Unicom, China’s second biggest mobile phone operator.

César Alierta, chairman of Telefónica, told the Financial Times he hoped to secure a 10 per cent stake in China Unicom following a sweeping restructuring of China’s state-controlled telecoms industry. Spain’s Telefónica and Vodafone of the UK are the only western groups with strategic shareholdings in fast-growing Chinese telecoms companies.