China Telecom Corp. (CHA) has no current plans to list in Shanghai as the cost of debt financing is lower than issuing new shares, Chief Executive Wang Xiaochu said Tuesday.

The Hong Kong-listed company said in March it planned to issue up to CNY90 billion in debt this year to fund expansion in its mobile-phone operations.

China Telecom, China's largest fixed-line operator by subscribers, transformed into a nationwide full-service operator offering fixed-line, broadband and mobile services, after the government revamped its telecom industry to merge six firms into three last year.

Wang told reporters after China Telecom's shareholders' meeting that the company plans to launch 30 new third-generation mobile phone models between June and August, with Motorola Inc. (MOT) and Nokia Corp. (NOK) among the suppliers of the handsets.

-By Lorraine Luk, Dow Jones Newswires; 852-2802-7002; lorraine.luk@dowjones.com