China's logistics demand remains recovering momentum

China's total social logistics reached 275.4 trillion yuan ($38.52 trillion) in the first 10 months this year as the country's logistics demand remains recovering momentum, People's Daily overseas edition reported on Wednesday.

The growth rate of China's total social logistics was 3.6 percent in the first ten months, up 0.1 percentage points from the first nine months of this year, according to data from China Federation of Logistics and Purchasing.

Industrial upgrading continued in China's logistics industry with the total volume of industrial goods logistics increasing by 4.0 percent year-on-year, 0.1 percentage point higher than that in the January-September period.

In October, high-tech manufacturing logistics with relatively high technology and added-value increased 10.6 percent year-on-year, 1.3 percentage points higher than September.

The logistics volume of new material products increased by more than 50 percent and that of new energy products increased by over 40 percent in the same period.

The growth of logistics for people's livelihood consumption accelerated in China. From January to October, total unit and household goods logistics increased by 4.2 percent year-on-year, 1.1 percentage points higher than that in the January to September period.

Online e-commerce logistics contributed more to the growth of livelihood consumption logistics with the total business volume index of e-commerce logistics at 116.6 points in October, continuously running at a high level.

Total revenue maintained steady growth in the logistics industry. In the January-October period, the total revenue of the logistics industry was 10.3 trillion yuan, up 5.8 percent year-on-year.

The steady growth of the logistics industry in the first ten months indicated that China's logistics supply capacity was further released and it well supported national economic recovery and growth, said Cai Jin, vice-president of China Federation of Logistics and Purchasing.