China Post Climbs Out of Red

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Last updated at: (Beijing Time) Wednesday, January 09, 2002

China Post Climbs Out of Red

China Post reported a profit of 60 million yuan in 2001 for the first time since its breakup with China Telecom three years ago, the State Post Bureau (SPB) said Tuesday. The profit is attributed to a series of bold reforms launched by China Post these years.

A profit of 60 million yuan

China Post reported a profit of 60 million yuan in 2001 for the first time since its breakup with China Telecom three years ago, the State Post Bureau (SPB) said Tuesday.

China Post recorded a revenue of 47.1 billion yuan in 2001, 18.4 billion yuan more than the figure for 1999, said SPB director Liu Liqing.

Of China Post's 31 regional branches, 21 have climbed out of the red.

China Post had an operating loss of 17.9 billion yuan and owed 9.5 billion yuan to the banks when the government separated post and telecommunications services in January 1999.

Bold reforms

Over the past three years, China Post has launched bold reforms in its corporate governance structure, marketing strategy, human resources management and other aspects of operation.

Its business scope has expanded from mail and parcel services to a wide range of logistics and intermediary services.

Between 1999 and 2001, China Post reported a 50-percent increase in its turnover of delivery services, an 87-percent rise in its financial services and a 24-percent rise in its philately services.

China Post

Since the foundation of the P.R.China, especially the implementation of the policy of opening to the outside world, China Post has been in continuous, rapid and sound development. The postal network is accessible everywhere all over the country and also has links to the world. The overall strength has been making progress continuously. A postal development way with Chinese characteristics has come into being.

The development and prospects of China Post

Achievements China Post has made

Great enhancement on communication capability

Great improvement on standards of technological equipment

Remarkable business performance

Improved service standards

China Steps Up Supervision of Postal Savings

China Post to Become Major Player in E-Commerce

China Post Provides Electronic Remittance Service