The market value of China's express delivery industry will reach 400 billion yuan ($65.3 billion) by 2020, Ma Junsheng, head of the State Post Bureau, said on Wednesday.

The revenue will represent an eight-fold increase on 2010, Ma said, the fastest growing segment of the postal services.

In the next decade, overall revenue for postal services are set to account for 0.6 percent of the country's gross domestic product, four times that of 2010.

The bureau vows to improve efficiency and quality, said Ma, adding that State-backed China Post is likely to rank among the top 100 in the Fortune 500 list.