Logistics gains traction amid industrial upgrades

China's logistics demand posted steady growth in the first three quarters, buoyed by industrial upgrading and robust high-end manufacturing.

The China Federation of Logistics and Purchasing reported national social logistics value hit 280 trillion yuan (roughly $41.7 trillion) for January through September, a 4.9 percent year-over-year increase.

Industrial goods logistics value climbed 5.3 percent from a year earlier in the period, accounting for 78 percent of total logistics growth.

Equipment manufacturing and high-tech manufacturing stood out as key growth drivers, making up 37.6 percent and 18.3 percent of the total respectively.

Social logistics costs totaled 14.8 trillion yuan in the nine months, up 4.2% year-on-year. The logistics cost-to-GDP ratio came in at 13.8 percent, a 0.2-percentage-point drop from a year ago.