China and the United States enjoy great potential of cooperation in logistics industry and China will stick to an open up policy to develop modern logistics, a senior Chinese official said in Beijing Wednesday.

Li Shenglin, vice minister in charge of the State Development and Reform Commission (SDRC), said China has gradually open up such logistics areas as distribution, transport, storage and cargo agents for overseas competitors over the past few years. A large number of renown international logistic companies have already established footholds in China, Li told a Sino-US Modern Logistics Conference held in Beijing.

Li said China will earnestly fulfill its commitment on entering the World Trade Organization (WTO) by further opening up the logistics industry to foreign investors and enterprises.

US Under Secretary of Commerce Kenneth I. Juster also attended the meeting. He said the United States and China are discussing the launch of several logistics cooperation projects, which will greatly facilitate bilateral trade.

Juster noted that since China entered the WTO, bilateral trade has grown 50 percent. He said important progress has been made in logistics cooperation between the two sides, though such cooperation is still at an initial stage.

Both Li and Juster agree that the two largest developed and developing countries in the world enjoy great potential in logistics cooperation. Both of them believe that the experience and expertise of US logistics industry will help the fledging logistics sector in China to reduce cost, enhance security, meet consumer needs and have a more flexible policy environment.

Li said it is a major task for China to accelerate the development of modern logistics in developing its economy.

The two-day conference was attended by more than 300 government officials and business persons from both China and the United States.

Source: Xinhua