China Post Allocates 100mn Yuan to Improve Logistics Network

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Last updated at: (Beijing Time) Thursday, March 13, 2003

China Post Allocates 100mn Yuan to Improve Logistics Network

China's State Postal Bureau (SPB) will invest 100 million yuan (12.1 million US dollars) this year to improve its logistics network, according to an SPB company manager.

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China's State Postal Bureau (SPB) will invest 100 million yuan (12.1 million US dollars) this year to improve its logistics network, according to an SPB company manager.

Addressing a contract-signing ceremony held here Wednesday, General Manager Li Xiong of an SPB-founded China postal logistics company said that the logistics sector has become an important part of China's postal system and it is trying to further improve its service network.

In 1999, China divided its money-loosing postal and profit-making telecommunications sectors into two independent parts, which led the postal sector into severe debt.

To get out of the red, the SPB, founded in 1998, decided to explore non-postal business, such as logistics services, and set up the China postal logistics company at the beginning of 2003.

At Wednesday's ceremony, the logistics company signed service contracts with seven domestic and transnational companies.

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