TNT teams with China Post
TPG N.V. and China’s State Postal Bureau have signed a memorandum of understanding that covers post, express and logistics services. (6/11/2003)
TNT Co., a unit of TPG, recently severed links with state-run Sinotrans, ending its 15-year Skypak Sinotrans Ltd. joint venture. The global delivery service instead switched to smaller Supermart International Transportation Co. as its local partner.
The MOU with TPG also follows the integration of the State Postal Bureau’s EMS express mail service into TNT’s global delivery network.
The realignment of partnerships follows the gradual change of foreign investment rules triggered by China’s entry into the World Trade Organization.
Under China’s commitments to the WTO, foreign investors are permitted to hold up to 75% in a Sino-foreign freight transport joint venture. After 2005, the foreign ownership restriction will be lifted
