China's logistics sector continues to grow in 2016

BEIJING — China's logistics industry grew steadily last year amid industrial restructuring, China's top economic planner said on Thursday.

The total value of social logistics goods in 2016 expanded by 6.1 percent year-on-year to 229.7 trillion yuan (about $33.2 trillion), said the National Development and Reform Commission (NDRC).

The gross revenue of the logistics industry hit 7.9 trillion yuan, up 4.6 percent over 2015, according to the NDRC.

Combined logistics expenditures in 2016 totaled 11.1 trillion yuan, up 2.9 percent from a year ago. The figure accounted for 14.9 percent of China's GDP last year, down 1.1 percentage points from that in 2015.

China will encourage more sophisticated development of the logistics sector in the next five years to bolster economic growth and deepen supply-side reform, according to the NDRC.

It promised policies for the 2016-2020 period to lower taxes and reduce costs in the logistics sector.

China also plans to better connect its logistics services to the global network and improve coverage and efficiency of international express deliveries in the five-year period.

The government will promote the logistics sector through the internet plus action plan, enhance delivery security, and boost resource efficiency so the sector develops in an environmentally friendly way.