Logistics Service Booming in China

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Last updated at: (Beijing Time) Thursday, October 10, 2002

Logistics Service Booming in China

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The logistics business has been expanding in China at an annual rate of 30 percent. More than 10,000 companies were now engaged in logistical services, said Ding Junfa, the deputy head of the China Federation of Logistics and Procurement, while addressing a special function marking the debut of the China Logistics Yearbook.

Statistics show that in 2001, retail sales of commodities in China were worth 3.76 trillion yuan (453 billion US dollars), and total sales of the means of production 5.5 trillion yuan (662.6 billion US dollars), while total imports and exports reached 500 billion US dollars, all of which have provided a broad market for the development of logistics in the country.

World Bank estimates showed that China's logistics industry wasworth 1.6 trillion yuan (192.8 billion US dollars) last year, and the country is fully capable of developing logistics into a profitable business.

China first introduced the concept of logistics in 1979. The central government has highlighted logistics as one of the new growth areas of the services sector during the 10th five-year plan period (2001-2005).

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