(All amounts in RMB millions)

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	Note	31 Dec 2020	30 Jun 2021
ASSETS
Non-current assets
Property, plant and equipment	14	364,187	341,890
Right-of-use assets	15	37,960	35,385
Goodwill		2,771	2,771
Interest in associates		38,802	39,647
Interest in joint ventures		5,656	6,409
Deferred income tax assets	12	745	1,537
Contract assets		103	19
Contract costs		3,672	3,602
Financial assets measured at fair value	16	3,493	4,012
Other assets	18	14,591	15,134
		471,980	450,406
Current assets
Inventories and consumables	19	1,951	2,748
Contract assets		823	544
Accounts receivable	20	16,287	24,117
Prepayments and other current assets	21	15,882	16,521
Amounts due from ultimate holding company	35	10,570	10,566
Amounts due from related parties	35	195	362
Amounts due from domestic carriers		3,665	4,254
Financial assets measured at fair value	16	24,189	33,439
Short-term bank deposits and restricted deposits	17	11,989	5,816
Cash and cash equivalents	22	23,085	22,494
		108,636	120,861
Total assets		580,616	571,267
EQUITY
Equity attributable to equity shareholders of the Company
Share capital	23	254,056	254,056
Reserves		(18,821)	(18,491)
Retained profits
– Proposed 2021 interim dividend	24	–	3,672
– Proposed 2020 final dividend	24	5,018	–
– Others		86,334	91,829
		326,587	331,066
Non-controlling interests		933	974
Total equity		327,520	332,040

	Note	31 Dec 2020	30 Jun 2021
LIABILITIES
Non-current liabilities
Long-term bank loans	25	2,482	1,996
Promissory notes	26	998	998
Corporate bonds	27	1,999	–
Lease liabilities		16,458	14,097
Deferred income tax liabilities	12	64	63
Deferred revenue		5,927	6,320
Amounts due to related parties	35	3,042	742
Other obligations		98	96
		31,068	24,312
Current liabilities
Short-term bank loans	28	740	490
Commercial papers	29	7,000	2,000
Current portion of long-term bank loans	25	418	346
Current portion of corporate bonds	27	1,000	2,022
Lease liabilities		11,503	11,774
Accounts payable and accrued liabilities	30	134,437	126,965
Bills payable		5,482	8,258
Taxes payable		2,805	2,595
Amounts due to ultimate holding company	35	1,640	3,772
Amounts due to related parties	35	9,183	11,105
Amounts due to domestic carriers		2,291	2,486
Current portion of other obligations		2,529	2,556
Contract liabilities		42,641	40,201
Advances from customers		359	345
		222,028	214,915
Total liabilities		253,096	239,227
Total equity and liabilities		580,616	571,267
Net current liabilities		(113,392)	(94,054)
Total assets less current liabilities		358,588	356,352

The notes on pages 18 to 44 are an integral part of these unaudited condensed consolidated interim financial statements.