China's total social logistics volume in 2024 is expected to exceed 360 trillion yuan (about 49.42 trillion U.S. dollars), according to the China Federation of Logistics and Purchasing (CFLP) on Wednesday.
The projection was announced by the organization at the 2024 Annual Conference of Chinese Logistics Entrepreneurs held from Tuesday to Wednesday in Hefei City, east China's Anhui Province.
At the same time, social logistics costs have steadily declined, and the ratio of total social logistics costs to GDP is expected to drop to around 14.1 percent in 2024, a significant decrease of 7.2 percentage points compared with 21.3 percent in 2004, according to the CFLP. It suggests that the level of logistics operation has improved significantly over the past 20 years, helping to improve the efficiency of economic operation.
Meanwhile, logistics companies continue to grow and develop. So far, China has more than 10,000 A-level logistics companies, and a number of world-class companies and outstanding entrepreneurs have emerged in the fields of shipping, aviation, railways, express delivery, and supply chain.
Market entities have basically completed the transformation from providing traditional transportation and warehousing services to modern logistics, and are accelerating the upgrade to supply chain services. By adjusting the industrial organization mode, the shortcomings of productive services are supplemented to help enhance the core competitiveness of the industry, according to the CFLP.
China's 2024 social logistics volume expected to surpass 360 trillion yuan
