Postal Savings and Remittance Service

In 1999, postal savings and remittance service sustained a stable, healthy and rapid development. As at the end of December, the national postal deposit balance amounted to Y381 .sl bn, occupying 6.4% of the overall national urban and rural deposit balance ranking the sib after the industrial and Commercial Bank of China, the Agricultural Bank of China, the Construction Bank of China and the Bank of China. The total balance of postal savings grew by Y 61 .497 bn, occupying 9.896% of the total net increased balance of savings. The computerization level in postal savings service kept improving. 975 cities and counties in 30 provinces (cities, regions) realized uniform deposit and withdrawal for current deposit. Online savings counters and ATMs reached 11,710 and 3,271 respectively Depositors with the current account and the postal savings card (i.e. Green Card) can assess to uniform deposit and withdrawal at any online counter or ATM across China. To date, postal savings service has boasted 1 10 m depositors nationwide and issued 12.928 m postal savings cards.

Both domestic and international postal remittance services grew steadily. In 1999, the accumulated paper money order transactions numbered 229 m, the incoming money order valued at Y286.35 bn and 225 m pieces of money order were cashed, worth Y268.44 bn. From lst July 1992 on, China Post has established money order exchange service with 20 countries including USA, Japan, Finland, Switzerland, Italy, Beigiumi Brazil, Republic of Korea, Thailand, Singapore, Malaysia, Spain, France, Austria, Denmark Yugoslavia, Peru, Romania, Vietnam and Kazakhstan in the chronological order. Postal money order is available in 232 post offices in 31 provinces, cities and autonomous regions.

In 1999, postal insurance agent service took shape. As at the end of December, traffic of agent services for life insurance and property insurance scored 1l,186 and 7,953 respectively. Postal insurance agent service served I .667 m new customers, yielding Y 188 m in premium and Y 8. 1 103 m in commission charges.

In efforts to provide better service to urban and rural residents, postal savings sectors at all levels initiated many new agent services such as state bond issue, salary and pension payment, communications and other utilities charges collection, Postal Etiquette Money Order channeling personal relationship and Combined Deposit and Remittance service, etc, all of which received sound economic and social results.