China's postal savings service challenges state banks

China's postal savings service is capturing the retail banking market - thanks to efficient technology, electronic networking and the vastness of the country-side where commercial banks fear to tread.

When Tang Hongtao sends money back to his parents living in the outer suburbs of the Chinese city of Xi'an, he withdraws money from his bank account in a commercial bank, and remits it to his local post office. In less than a week, Tang's parents are sent a notice by their local post office that their son has fulfilled his filial duty. Tang doesn't transfer his money through his own bank for one main reason to collect the money, Tang's parents have only to go to their local post office instead of taking a trip into the city to visit the...

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