China's logistics supply sufficient in Q1

China's logistic supply capacity was sufficient with upgraded service structure in the first quarter of 2024, the Federation of Logistics and Purchasing reported on Monday.

According to the federation, the country's total social logistic volume reached 88 trillion yuan (around 12 trillion U.S. dollars) in the first quarter, a year-on-year increase of 5.9 percent.

The growth rate surpassed the previous quarter by 0.5 percentage points and the same period last year by 2 percentage points, reflecting a steady upward trend in overall recovery.

In terms of total logistics revenue, the logistic supply capacity was sufficient, with a balanced supply-demand match, and evident improvements in the logistics service structure.

In the first quarter, the logistics industry grossed a total revenue of 3.1 trillion yuan (around 428 billion U.S. dollars), marking a 4.5 percent year-on-year increase.

The average value of the business volume index of China Logistics Prosperity Index (LPI) rose by 0.3 percentage points over the same period last year, indicating a favorable recovery trend in logistics industry. Notably, the logistics activity notably increased, particularly in March, with positive changes observed across most sectors.

"The supply structure of the logistics industry is being further optimized. With the support of new logistic technology and data technology, intelligence and automation are taking greater proportions step by step," said Liu Yuhang, director of the China Logistics Information Center.

Warehousing business was apparently active in March, with the business index up 8.1 percentage points to 52.6 percent from the previous month. There was a notable increase in demand for bulk commodity warehousing turnover, accompanied by a significant rise in new orders.

The recovery momentum in upgraded sectors such as air transportation remained strong. In the first quarter, air cargo transportation made a promising start, achieving a historic high with over two million tons of cargo and mail transported, marking the highest cargo volume ever recorded in the first quarter.

Russian President Vladimir Putin arrived in Beijing on Thursday for a state visit to China.

At the invitation of Chinese President Xi Jinping, Putin will pay a state visit to China from May 16 to 17.

As this year marks the 75th anniversary of the establishment of diplomatic relations between China and Russia, Xi and Putin will exchange views on bilateral relations, cooperation in various fields, and international and regional issues of common concern during the visit, according to Wang Wenbin, spokesman of China's Ministry of Foreign Affairs.