China's express delivery sector sees strong growth

BEIJING - China's express delivery sector has grown steadily in the first eight months despite a slowing economy, according to the State Post Bureau.

Revenue for Chinese express delivery businesses hit 234.36 billion yuan (about $35.5 billion) in the first eight months of 2016, up 43 percent year on year, said the bureau in an online statement.

A total of 18.27 billion deliveries were made during the same period, up 55 percent year on year, according to the bureau.

Despite a slowing economy, express delivery services have grown steadily as online shopping gains popularity in China.

China aims to nearly quadruple revenues of its express delivery market by 2020 in a move to boost consumption and services, as the economy slows with softening trade and investment.

The express delivery industry will have a target annual revenue of 800 billion yuan by 2020, according to a policy document released by the State Council last October.

The amount is nearly four times the 2014 revenue, which reached 204 billion yuan.