China's logistics industry grows by 5.8% in the first half of the year

The stable growth rate of the logistics sector in the first half of the year aligns with signs of recovery in China's economy.

The value of China's logistics sector reached 167.4 trillion yuan (23.09 trillion USD) in the first half of this year, an increase of 5.8% compared to the same period last year, according to data released by the China Federation of Logistics and Purchasing on July 30.

Recent economic data also shows positive developments. The National Bureau of Statistics of China reported that in the first half of the year, operating income of industrial sectors increased by 7.5% compared to the same period last year.

Additionally, China's exports surpassed 21 trillion yuan in the first half of the year for the first time, setting a new record. Recent data indicates that China's economy is on a path of recovery and stable growth. Experts say that the implementation of various policies since the Third Plenary Session of the 20th Central Committee of the Communist Party of China has supported this growth trajectory.

Experts have confidence in the resilience of China's economy and its significant contribution to global economic growth.

Cong Yi, a professor at Tianjin University's School of Administration, told the Global Times on July 30 that the third plenary session introduced new policy directions and measures to meet market demands.

Cong said: "Continued reform and targeted solutions for major challenges will build market confidence. As policies are implemented across various sectors, we can expect to see increased market vitality and sustained confidence in the near future."

Various government agencies have actively implemented policies and measures following the third plenary session, including initiatives to support foreign trade, promote technological breakthroughs, and stabilize the stock and real estate markets.

The General Administration of Customs recently announced that it will continue to optimize and promote cross-border trade facilitation, focusing on improving clearance and logistics efficiency.

The National Development and Reform Commission, China's top economic planning agency, stated that it will focus on promoting technological innovation and enhancing the development of national strategic science and technology capabilities.

China is expected to achieve its economic targets and is likely to introduce stronger policies in the second half of the year to stabilize growth. Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times that by focusing on real estate, the stock market, private enterprises, and improving employment and income, consumer spending will be boosted, and economic recovery will be promoted.

Over the next five years, China will continue to be the "largest engine" driving global growth. Cai Wei, Chief Strategy Officer at KPMG China Advisory, assessed that China's contribution to the global economy remains the highest amid global recession.

(According to Global Times)