China's logistics sector has witnessed steady growth in the past five years, according to the China Federation of Logistics and Purchasing (CFLP).

 

The total value of social logistics has increased by an average of more than 6.5 percent annually in the past five years, said He Liming, head of the CFLP.

 

Total revenue of the logistics sector has exceeded 10 trillion yuan (about 1.53 trillion U.S. dollars) in the five-year period, He said, noting that the ratio of social logistics cost to GDP has fallen to below 15 percent.

 

In 2019, the ratio of social logistics cost to GDP was 14.7 percent, down 0.1 percentage points from the previous year.

 

The total value of social logistics in the first 10 months of 2020 went up 2.5 percent year on year to 229.3 trillion yuan, 0.5 percentage points higher than the increase seen in the first nine months, CFLP data showed.