China's logistics sector sees steady growth

BEIJING - China's logistics industry grew steady in the first ten months of this year amid industrial restructuring, a report showed on Sunday.

The total value of social logistics goods in January-October expanded by 6.1 percent year on year to 187.2 trillion yuan ($27.5 trillion), according to the latest data from the China Federation of Logistics and Purchasing (CFLP).

The growth was a result of the recovery of the country's industrial and construction sectors, said the CFLP.

China will encourage more sophisticated development of the logistics sector in the next five years to bolster economic growth and deepen supply-side reform, the National Development and Reform Commission said in a statement in March.

It promised policies during the 2016-2020 period to lower taxes and reduce costs in the logistics sector.