American Express opened a new office in Peking.
The company opened its first Chinese office at the Peking Hotel in 1981, after an absence of more than 30 years. The new office will expand travel services, although Bank of China regulations forbid the issuance of travelers checks. According to company President Louis V. Gerstner Jr., American Express cards now account for 70% of the credit card business in China, with an annual volume of $50 million to $100 million. American Express has 300 outlets in 31 Chinese cities, compared to 30 outlets in three cities in 1982.