China's logistics industry sees strong growth, driven by tech innovation: report

China's logistics industry has seen strong growth amid rapid tech innovation, with automation and digitalization levels improving steadily over the past year, according to the 2024 China Digital Logistics Development Report released Thursday.

The report, which was unveiled at the 2025 Logistics Technology Conference in east China's Huzhou City, reveals that China's logistics industry has experienced robust growth in recent years, generating significant opportunities for logistics technology and equipment. Key trends include the integration of low-altitude economies with logistics technology, as well as the application of generative AI and large models, it said.

China's total social logistics value surged from 213.5 trillion yuan (about 29.3 trillion U.S. dollars) in 2014 to 360 trillion yuan (about 49.4 trillion U.S. dollars) in 2024, maintaining its position as the world's largest logistics market for years. The innovation and development of logistics technology and equipment have played a crucial role in this growth, the report said.

The report also revealed that in recent years, China's logistics technology has seen continuous innovation, with automated guided vehicles, robots, and automated warehousing becoming increasingly widespread. Unmanned warehouses, drones, autonomous vehicles, and intelligent management systems have now become essential in the industry.

The gradual maturation of autonomous driving technology has brought revolutionary changes to logistics and transportation. The autonomous driving market is experiencing rapid growth, with vast potential not only in China but also globally. This year is expected to mark a significant opportunity for the large-scale industrialization of autonomous vehicles worldwide, according to the report.

"In recent years, the automation and digitalization levels of China's logistics industry have significantly improved. In line with the central government's call to accelerate the fostering of new quality productive forces, the logistics industry must not only deeply integrate technologies such as smart warehousing, unmanned delivery, low-altitude logistics, and digital twins with logistics scenarios, but also focus on the development and application of artificial intelligence large models in the entire supply chain process and the broader industrial chain, so as to enhance efficiency and reduce costs through technology," said Ma Zengrong, vice president and Secretary-General of the China Federation of Logistics and Purchasing.

The report also highlights key logistics technologies of the year, including low-altitude economy and logistics technology, generative artificial intelligence (AI) and large model technology, 5G technology, and BeiDou system technology.

Among them, low-altitude economy and logistics technology have made logistics more efficient, faster, and diverse. Moreover, generative AI and large model technologies provide intelligent support for logistics decision-making, making logistics smarter and more precise.

China's logistics industry sees strong growth, driven by tech innovation: report

As much as 37 percent of Americans saw their debt increase during this year's holiday shopping season, with average debt rising to 1,223 U.S. dollars from 1,181 dollars last year, according to the latest holiday debt survey of LendingTree, the nation's online loan marketplace.

The survey, conducted earlier this month among more than 2,000 U.S. consumers, found that rising tariffs and higher prices have put additional pressure on household budgets.

In a statement, LendingTree's chief consumer finance analyst Matt Schulz said the strain becomes more pronounced during the holiday season, as many consumers are reluctant to change long-standing shopping traditions, even as costs rise, leading to higher debt levels.

According to the survey, 63 percent of borrowers expect it will take three months or longer to repay their holiday-related debt, while about 41 percent said they are still paying off debt from last year. Schulz warned that if borrowers need six months to a year or more to repay their balances, the situation becomes more serious due to high credit card interest rates.

Data from Bankrate show that the average U.S. credit card interest rate currently exceeds 20 percent.

Meanwhile, U.S. consumers have grown increasingly pessimistic about their financial situation. Data released on Tuesday by The Conference Board showed that the U.S. Consumer Confidence Index fell for the fifth consecutive month in December, dropping to 89.1, the lowest level since April, amid deepening anxiety over jobs and income.

Over one-third of Americans rack up holiday debt: survey