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The telecommunications industry has been undergoing tremendous technological changes, and owning to continuous technolog-ical advancement, it has maintained sustained prosperity and development. In this paper, the interplay between technology, market and gov-ment in telecommunications is discussed briefly, and then we introduce technology and govment into the traditional SCP (Structure– Conduct – Performance) paradigm to devel-op an industry analysis framework called TG-M(SCP) (Technology – Govment – Market (Structure – Conduct – Performance)). Based on this framework, we present the spiral co-evolution model which elaborates on the inter-action mechanism of technological innovation with govment regulation and market dy-namics from the perspective of industry evolu-tion. Our study indicates that the development of the telecommunications industry is the re-sult of the coevolution of technology, gov-ment regulation and market forces, and among the three actors, technology is the fundamental driving force. Relative to the invisible hand(market) and visible hand (govment), we conceptualize technology as the third hand, which fundamentally drives the development of telecommunications industry in coordina-tion with the other two hands. We also provide several policy implications regarding these findings.