China Post has said that China’s courier services delivered 0.49 million tons of supplies across the country during the fight against the COVID-19 pandemic, including medical goods, food and life support devices, and no courier personnel contracted the virus while working, reports ecns.
Read More
On 5 June 2019, China Post Group Corporation and Huawei Company signed a strategic cooperation agreement.
Read MoreChina Post Group, the business entity in charge of mail, delivery services and postal saving banks, has been approved by the country’s insurance regulator to set up a life insurance company.
Feng Xinsheng, executive deputy general manager of the group, said here on Saturday the company to-be, named as China Post Life Insurance Company Limited, will be launched within a year.
The insurance company would be registered in Beijing with a register capital of 500 million yuan (72.46 million U.S. dollars),Feng said.
He said the new company would mainly target farmers, low-income urban residents and migrant workers in cities.
Experiences of the group as agents of insurance sales would surely help in building such an insurance company, he added.
China Post Group was established in December 2006 to separate the regulatory functions of the former State Post Bureau (SPB) from its business activities.
SPB was traditionally both the supervisor and a player in the market.
The CPG, after the separation, owns the China Postal Air Freight Corporation and the China Postal Savings Bank and controls EMS services merged with the China Postal Logistics Corporation.
Feng said deposits at the China Postal Savings Bank, inaugurated in March 2007, had reached 1.8 trillion yuan by the end of May. The bank is more recognized as a community bank or rural bank with extensive outlets across the nation, especially in the countryside.
Read MoreChina Post Group, a 10 bln-usd company formed out of the State Postal Bureau, said it has won regulatory approval to set up a life insurance unit.
In a recruitment advertisement published on the Renmin University of China website, the company said it received the approval from the China Insurance Regulatory Commission (CIRC) in June.
However, the CIRC declined to provide comment when contacted by XFN-Asia.
China Post can operate its insurance business through the country’s comprehensive postal network.
The group already has a 50-50 insurance joint venture, Sino-French Life Insurance Co Ltd, with France’s CNP Assurances.
Read MorePostal Savings Bank of China opened for business Tuesday in Beijing, allowing the country’s fifth-largest bank by deposits to expand its lending after years of being the deposit-taking arm of the state postal service. The bank, which has a network of 36,000 outlets attached to the postal network, is fully owned by China Post Group. The State Council, China’s highest administrative body, created China Post Group in August by separating the business and regulatory functions of the country’s postal system. In a statement published in government-backed newspapers and on its Web site, Postal Savings Bank said: “We will rely on and make full use of the postal savings network to improve our ability to provide financial services to cities and the countryside.” The China Banking Regulatory Commission has said the bank should focus on lending to rural clients. The CBRC allowed the bank to begin trial lending projects last year.
Read More
The Mail & Express Review (MER) Magazine is our quarterly print publication. Packed with original content and thought-provoking features, MER is a must-read for those who want the inside track on the industry.
