Service of Postal Savings and Remittance

In 2001, postal savings business enjoyed a rapid development, whose net increment broke one hundred billion yuan, creating a historic record in terms of growth rate. As of  the end of 2001, postal savings balance reached 59 yuan, with a net capital growth by 133.3 billion yuan, an increment of 29.1 % against last year. The market share occupied by postal savings has reached 8.0%, up 0.8 percentage point over me beginning of the year of 2000.

In 2001, to maintain sustainable growing capacity , in addition to consolidating me development of postal savings in rural areas, postal-savings sectors across China input greatly in developing postal savings in urban areas and enhanced overall quality of savings service through strengthening infrastructure construction and IT application. So far, online post savings has covered 31 provinces (autonomous regions and provincial-level cities). Depositing and withdrawing under current accounts can be fulfilled in 98% of the counties nationwide at 21,000 online post offices or through 4580 ATMs. So far, postal savings green cards have been issued at the number of 25.04 million pieces. Postal savings and withdrawing at different places have also witnessed a continuous growth, handling 13.60 million transactions valued at 86.2 billion yuan, realizing an increase of 38% over last year. China Post has been dedicated to upgrading postal savings green card network and strengthening banking card marketing. In addition, China Post has organized "Green card-Undergraduates" program and formally joined Master Card International Organization. Besides, China Post has hosted training programs for senior-level card marketing managers with me aim to improve me standardization and globalization of postal savings green card.

To meet the market demands, on July 1st, 2001, China Post formally launched electronic money order service, providing more efficient service for the people. With the in-place postal integrated computer network, postal electronic money order service has applied advanced IT, and combined such functions as remittance, capital settlement, accounting and risk control together whose service quality and efficiency rank top in me domestic market. The successful operation of electronic money order has greatly improved the postal electronic money order service quality and set up a new image in the market. By the endof2001, the number of postal outlets that can provide online electronic money order service had reached 9116 spread in 2366 cities and counties. In 2001, domestic postal money order service maintained a stable development. 210 million pieces of money order notes were issued and incoming capital has amounted to 278 billion yuan.

In 2001, agency services such as insurance agency, pension agency, state bond sale agency, etc. presented a sound development trend. The accumulated insurance premium has reached 1.01 billion yuan, up 50% against last year and operating revenue grew to more than 43 million yuan. In 2001, state bond sales value reached 3.8 billion yuan, ranking 6m in the state-bond sales market. Pension agency service also enjoyed a continuous development and ranked top among social payment agents in terms of payment amount.

International money order service has turned out a strong development trend. In 2001, international money order management system was further streamlined resulting in the rapid growth of international money order service. China Post have opened ordinary international money order service with 21 countries and regions worldwide. Import money order notes have amounted to 65,000 pieces valued at US $44 million and export money order notes have reached 660 pieces valued at US $190,000. As for Western Union International Money Order service, great input has been made to strengthen training programs and add new service outlets, which contribute to the rapid development of Western Union International Money Order service. Post offices have turned to be the major channel for international small-amount capital transfers.