MKsport north China's Hebei Province, Aug. 16, 2024. Yongnian District in Handan City, north China's Hebei Province, houses over 200 fastener companies. In 2023, these companies there produced six million tons of fasteners, accounting 58 percent of the national market, and their goods found markets in over 110 countries and regions. Photo: Xinhua" src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-08-18/4f21d35a-bd76-4eab-b2bd-61779039e562.jpeg" />

A worker works at an intelligent logistics workshop of a fastener manufacturing company in Yongnian District of Handan, north China's Hebei Province, Aug. 16, 2024. Yongnian District in Handan City, north China's Hebei Province, houses over 200 fastener companies. In 2023, these companies there produced six million tons of fasteners, accounting 58 percent of the national market, and their goods found markets in over 110 countries and regions. Photo: Xinhua

China's logistics sector grew steadily in the first three quarters of this year. Growth in logistics related to consumption upgrades, equipment renewal and new quality productive forces was significant, reflecting the positive impact of the coordinated incremental policies, according to data released by the China Federation of Logistics and Purchasing (CFLP) on Tuesday.

The value of the logistics sector reached 258.2 trillion yuan ($36.1 trillion), up 5.6 percent year-on-year. The sector grew by more than 5 percent in each quarter.

Notably, September saw a significant uptick in logistics demand, attributed to the rollout of a comprehensive package of incremental policies, the CFLP said.

The effectiveness of policies focused on equipment upgrades and consumer goods trade-ins has been evident, sustaining robust logistics demand in related industries and products, the CFLP said.

In the consumption sector, logistics volumes related to the replacement of old equipment in the manufacture of radio, TV and telecommunication machinery grew by more than 10 percent. 

In the production sector, logistics volumes for food manufacturing machinery and specialized agricultural processing equipment, linked to equipment upgrades, surged by more than 30 percent. This growth had a positive impact on upstream and downstream industries, leading to an increase in logistics volumes in the non-ferrous metal smelting and rolling sector, as well as metal products.

The logistics sector in the area of new quality productive forces has been gradually expanding. In the first three quarters, logistics volumes in high-tech manufacturing maintained a robust year-on-year growth rate of 9.1 percent. 

Logistics volumes for smart drones and smart vehicle equipment surged by more than 30 percent, while logistics for virtual reality devices and smartphones increased more than 10 percent.

Growth in the logistics sector is a vital indicator of economic vitality, and it essentially reflects a rebound in economic activities, Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Tuesday.

"It also reflects the effectiveness of a package of pro-growth, incremental policies aimed at boosting consumption and demand," Cong said.

China has made significant progress in advancing large-scale equipment upgrades and consumer goods trade-ins, boosting both investment and consumption.

China unveiled an action plan to implement the renewal program in March to expand domestic demand and shore up the economy, and it stepped up policy support in July with an extra fund injection of 300 billion yuan via ultra-long special treasury bonds, the Xinhua News Agency reported.