IntercompanyvalueflowsinincumbenttelcosCONFIDENTIALThisreportissolelyfortheuseofclientpersonnel.Nopartofitmaybecirculated,quoted,orreproducedfordistributionoutsidetheclientorganizationwithoutpriorwrittenapprovalfromMcKinseyCompany,Inc.PresentationtoChinaTelecomDecember7,2001SW-SWP63-2001-11-23-FRB-RS21.Structureandvalueflowsofdisaggregatedincumbenttelcos2.Principlesfordesigningvalueflowsindisag...