MKsport east China's Jiangsu Province, Nov. 11, 2024. Manufacturers, e-commerce platforms and logistics companies across the country are busy coping with customer's demand during China's annual Double 11 shopping festival. (Photo: Xinhua)" src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-11-12/f511c570-ac03-4ea6-aa0c-1c3ea7b6fbf7.jpeg" />

Staff members sort packages at a logistic center of YTO Express in Jurong City, east China's Jiangsu Province, Nov. 11, 2024. Manufacturers, e-commerce platforms and logistics companies across the country are busy coping with customer's demand during China's annual "Double 11" shopping festival. (Photo: Xinhua)

China's total social logistics volume is expected to reach 360 trillion yuan ($49.42 trillion), according to a report released by the China Federation of Logistics and Purchasing on Thursday, reported China Central Television. The growth performance of the logistics sector highlights the unleashing of consumer spending power. 

The logistics volume for chemical products is expected to reach 27.1 trillion yuan this year, said Liu Yuhang, an official from the China Logistics Information Center. He added that logistics for chemical products, as a critical link between production and consumption, is becoming increasingly vital.

The report highlights that with the increase of commodity circulation, as well as the continuing development and improvement of the manufacturing sector and the introduction of government support policies for the logistics industry, the overall scale of China's logistics sector is steadily growing.

On Wednesday, the Chinese government unveiled an action plan aimed at reducing logistics costs to enhance economic efficiency. The plan focuses on optimizing the allocation of logistics resources nationwide, maximizing efficiency and benefits, enhancing the organization and operational efficiency of logistics, fostering the integration and innovation of logistics with various industries, and strengthening coordination and support for key elements.

In October, China's logistics performance index stood at 52.6 percent, increased 0.2 percentage point from the previous month, according to China Federation of Logistics and Purchasing.

The expansion of logistics capacity is closely linked to economic activities. The ongoing growth in logistics data reflects the rapid development of China's consumption and trade, said Zhang Yi, CEO of the iiMedia Research Institute.