China's logistics sector sees improved efficiency in 2024: report

BEIJING, Feb. 27 (Xinhua) -- China's logistics sector reported improvements in overall efficiency last year, an industry report showed Thursday.

The ratio of social logistics cost to GDP, a key indicator reflecting cost efficiency of the sector, was 14.1 percent in 2024, down 0.3 percentage points from the previous year and hitting a record low, according to a report issued by the China Federation of Logistics and Purchasing.

Calculated based on China's GDP in 2024, the drop in the reading was equivalent to a reduction of more than 400 billion yuan (about 55.8 billion U.S. dollars) in logistics costs, the federation said.

China's policymakers identified lowering logistics costs as part of measures to spur growth at December's Central Economic Work Conference, with plans to launch special actions for that in 2025.

According to a plan unveiled last year, China aims to cut the ratio of social logistics costs to GDP to around 13.5 percent by 2027.

It also expects to further optimize the structure of goods transportation, and strengthen the national logistics hub system and modern logistics service network, the plan said.

China's logistics industry has maintained steady expansion, with its total social logistics value expanding 5.8 percent year on year to 360.6 trillion yuan last year, data showed.