China Construction Bank (CCB) reported fast development in electronic banking business in the first half of this year, when it completed 312.88 million electronic transactions totaling 2,000 billion yuan (about US$240.96 billion).

An official with the bank said by June 30, the bank had 7.91 million e-banking customers, of which 4.65 million were added in the first half of this year. Firms that use CCB's Internet-based payment system had increased to 462. The e-banking business of CCB mainly includes Internet-based banking, a VIP service system, a call center and mobile phone-based banking.

Chinese bankers say electronic banking is an area that will experience fierce competition between Chinese and foreign banks. Eager for rapid expansion, foreign banks see it as the short-cut to win large numbers of Chinese customers in a short time and with limited investment.

The Industrial and Commercial Bank of China (ICBC) also reported fast growth in e-banking business. By the end of June, the bank's Internet-based bank had more than 9 million individual customers.