China's logistics sector reports growth in first three months
China's logistics sector reported steady growth in the first three months of 2022, showed an industry report Tuesday.
Social logistics rose 6.2 percent year-on-year in the first three months to 84 trillion yuan ($12.8 trillion), said the China Federation of Logistics and Purchasing in an industry report.
The ratio of social logistics to GDP reached the highest level since 2020, indicating that logistics demand has provided strong support for economic growth, the federation said.
Logistics for industrial products went up 6.5 percent year-on-year in the first quarter, up 2.6 percentage points from the previous quarter.
The upgrading of the manufacturing industry has accelerated, the data showed.
Logistics for high-tech manufacturing grew 14.2 percent year-on-year, and that for equipment manufacturing climbed 8.1 percent, both higher than the growth rate of the logistics for industrial products.
But the logistics sector is also facing pressure. The total social logistics growth rate has slowed down since March due to global and domestic factors. The sector's growth rate in March was more than 2 percentage points lower than in the first two months.