China's logistics sector reported steady growth in the first eight months of this year despite a weakening global economic outlook, according to data released by the China Federation of Logistics and Purchasing (CFLP) on Saturday.
The nation's social logistics rose 5.4 percent year on year to 225 trillion yuan (about 32 trillion U.S. dollars) during the Jan-Aug period.
This steady growth reflects ongoing structural shifts within the sector. Upstream and downstream industries continue to undergo transformation and upgrading, leading to noticeable structural adjustments in logistics demand.
The industrial goods logistics sector saw a 5.5 percent year-on-year increase in total value during the first eight months. While shipments of traditional products like cement and steel continued to decline in August, logistics for intelligent products, such as industrial robots and integrated circuits, maintained rapid growth of around 20 percent.
Consumer logistics also remained a strong driver of growth. The logistics for resident consumption rose by 7.8 percent year on year during the same period. Online retail outpaced traditional brick-and-mortar stores in driving logistics demand.
Regarding imports and exports, total import logistics grew by 4.3 percent year on year in the first eight months, while export logistics rose by 5.0 percent. However, against the backdrop of slowing global economic recovery and weakening manufacturing activity worldwide, the growth of international logistics has moderated. "The trend of steady growth in social logistics continued from January to August. The fact that the total value of social logistics achieved a year-on-year growth rate exceeding 5 percent for two consecutive months indicates the continued further release of social demand for the logistics industry," said Liu Yuhang, director of the CFLP.
China's logistics sector posts 5.4 pct growth in first eight months
China's logistics sector posts steady revenue growth in first eight months
China's logistics sector posts steady revenue growth in first eight months
China's logistics sector posts steady revenue growth in first eight months
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
