China sees surging import logistics with constant structural optimization

China's import logistics witnessed a strong rebound in the first seven months of 2024, according to data released by the China Federation of Logistics and Purchasing (CFLP) on Thursday.

In July, the country's total value of import logistics surged by 6.7 percent, reversing a 0.4-percent decline in June.

In the first seven months, the total value of import logistics went up by 5.1 percent, a 0.3 percentage point increase from the first half of the year.

The data highlights a significant expansion in the flow of some imported upstream bulk commodities.

During the first seven months, the volume of imported coal and lignite increased by 13.3 percent, while iron ore and concentrates saw a 6.7 percent rise. These figures represent a 0.8 and 0.5 percentage point increase, respectively, compared to the first half of the year.

Meanwhile, the continued high growth in imports of intermediate goods, such as those used in equipment manufacturing, reflects China's ongoing industrial transformation and upgrading.

Imports of diodes and similar semiconductor devices, as well as integrated circuits, saw cumulative growth exceeding 10 percent, with increases of 0.5 and 0.4 percentage points, respectively, compared to the first half of the year.

"Imported logistics still registered relatively positive growth, reflecting the increasing contribution of the entire Chinese market to global trade," said Cai Jin, Vice President of the CFLP.

The data also reveals a robust performance in the logistics of recycled resources.

The total value of recycled resource logistics grew by 11.4 percent in the first seven months, a 0.3 percentage point acceleration compared to the first half of the year. This growth is attributed to the increasing adoption of resource-circular production models across various regions in China, according to the experts.

China sees surging import logistics with constant structural optimization

China sees surging import logistics with constant structural optimization

China's total value-added of industrial enterprises above the designated size, an important economic indicator, expanded 4.5 percent year on year in August this year, official data showed Saturday.

On a monthly basis, the industrial output edged up 0.32 percent in August from the previous month, the National Bureau of Statistics(NBS) said in a monthly statement.

The enterprises above the designated size refer to those with an annual main business turnover of at least 20 million yuan (about 2.82 million U.S. dollars).

The value-added of equipment manufacturing grew by 6.4 percent year on year, while that of hi-tech manufacturing surged 8.6 percent, 1.9 percentage points and 4.1 percentage points faster than the average industrial production growth, respectively.

As for consumption, retail sales of consumer goods went up 2.1 percent year on year in August to 3.8726 trillion yuan (about 545 billion U.S. dollars). From January to August, the overall online retail volume reached 9.6352 trillion yuan (about 1.357 trillion U.S. dollars), up 8.9 percent year on year. The retail sales of services increased by 6.9 percent year-on-year.

"In August, the national economy operated in a stable manner on the whole. We adhered to the general principle of seeking progress while maintaining stability and implemented the new development philosophy accurately and comprehensively, strengthened macroeconomic control and focused on promoting high-quality development. The production demand continued to recover and employment and prices remained basically stable. The high-quality development continued to advance. The economy witnessed a generally stable situation and steady development," said NBS spokeswoman Liu Aihua at a press conference in Beijing.

China's industrial output up 4.5 pct in August