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China's logistics sector sees stable recovery

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Reference:CGTN | Updated:25 Oct 2020

Thanks to rebounding demands, China's logistics sector has recovered steadily by the end of the third quarter, according to data China Federation of Logistics & Purchasing (CFLP) released on Tuesday.

The total logistics revenue in the first three quarters this year reports 202.5 trillion yuan ($30.16 trillion) with 2 percent year-on-year growth, according to a data report CFLP released online.

The logistics of industrial products grew by 5.8 percent in the third quarter, after dropping by 8.4 percent in the first quarter and rebounding by 4.4 percent in the second quarter, the report said.

The strong growth was supported by a recovery in the manufacturing industry, especially in equipment manufacturing and high-tech manufacturing, which jumped by 11.8 percent and 8.43 percent respectively in the third quarter.

Online shopping, which became more popular due to the pandemic, drove the growth in delivery services this year. More than 5.6 billion parcels have been delivered from January to September, 27.9 percent up year-on-year, according to the report.

In September, the China Logistics Prosperity Index (LPI), a fore-indicator of China's economic and business conditions, rose 3.9 percentage points from a month earlier to 56.1 percent.

The LPI has stayed in the expansionary territory (above 50 percent) as a result of growing demand, indicating stable recovery with a sound momentum, according to the report.

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