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China to become DHL's biggest express service market
(Xinhua)
Updated: 2008-11-12 10:52 China is set to become DHL's largest market in the world in terms of express service volume after the company moves out of the United States, Wu Dongming, managing director of DHL-Sinotrans, a joint venture of DHL and Sinotrans, said on Tuesday. This announcement came after DHL announced on Monday it was scheduled to end its services in US domestic market. The company occupies about 34 percent of Chinese's express service market, ahead of rivals FedEx and UPS. "DHL will continue making investments in infrastructure, skills training and service upgrading, to consolidate its leading position in China," said Wu. Since the Belgium-based logistics giant set up the joint venture in China in 1986, it has invested $1.3 billion in the mainland, Hong Kong and Taiwan, accounting for 59 percent of its total investment in Asia. He said DHL had four service and logistics centers in China -- Beijing, Shanghai, Guangzhou and Shenzhen -- and the company would design and ditribute new products in the second quarter of next year. The joint venture reported revenue of 5.38 billion yuan ($789 million) and net profit of 720 million yuan in 2007. Wu predicted the company would achieve a double-digit profit growth in China in coming years. Founded in 1950, China National Foreign Trade Transportation Corp (Sinotrans) is the country's top transportation and logistics firm. (For more biz stories, please visit Industries)
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