China's logistics sector has continued to show strong improvement in efficiency in the first quarter of this year, with the ratio of social logistics costs to GDP standing at 14.1 percent, a decrease of 0.3 percentage points year on year, according to the official data released on Tuesday.
The total social logistics cost for the period amounted to 4.5 trillion yuan (about 620 billion U.S. dollars), according to the China Federation of Logistics and Purchasing.
Experts attribute the improvement in logistics costs to the enhancement in logistics infrastructure and the widespread adoption of multimodal transportation systems.
In the first quarter, investment in key logistics infrastructure continued to rise, with investment in the water transportation sector surging by 25.9 percent year on year, and fixed asset investment in national railways increasing by 5.2 percent.
Meanwhile, the synergy between sea and rail transport has become more evident.
"This multimodal transport system has effectively boosted transportation efficiency. The coordinated upgrade of both water and land infrastructure has further strengthened the transportation structure, providing strong support for reducing logistics costs and improving efficiency," said Peng Chun, deputy director of the Department of Logistics Management at Beijing Jiaotong University.
In the first quarter, the logistics industry's total revenue reached 3.3 trillion yuan (about 455 billion U.S. dollars), marking a five percent year-on-year growth, which was 0.2 percentage points higher than the January-February period.
Logistics business revenue of key surveyed logistics companies also showed positive growth, increasing by six percent year on year, with a 0.4 percentage point improvement compared to the January-February period.
In addition, many logistics companies are driving cost reductions and boosting efficiency through the implementation of intelligent solutions, management upgrades, and other innovative measures.
China's logistics sector reports strong efficiency growth in Q1
Chinese Foreign Minister Wang Yi met with Ethiopian Foreign Minister Gedion Timothewos in Changsha, capital city of central China's Hunan Province, on Wednesday.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that during the Summit of the Forum on China-Africa Cooperation in September last year, Chinese President Xi Jinping and Ethiopian Prime Minister Abiy Ahmed Ali held in-depth and friendly exchanges and reached new common understandings on advancing the all-weather strategic partnership.
China and Ethiopia have worked together to achieve early results in implementing the outcomes of the FOCAC Beijing Summit, helping Ethiopia accelerate its development and revitalization and also bringing more tangible benefits to the Ethiopian people, he added.
Noting that China and Ethiopia share a glorious history of resisting and overcoming foreign aggression, and now stand as important representatives of the Global South and members of BRICS, Wang said that China is ready to work with Ethiopia to enhance strategic communication, promote common development through mutually beneficial cooperation, and safeguard common interests through solidarity and coordination.
The two sides should strengthen the synergy of development strategies and explore and expand cooperation in new energy vehicles, green industries, e-commerce, and artificial intelligence, he said.
Timothewos said that Ethiopia enjoys a robust partnership with China, and that the two sides have achieved fruitful outcomes through practical cooperation, which demonstrates the solidarity and mutual trust between the two countries and sets a model for the Global South. He thanked China for its strong support on issues concerning Ethiopia's core interests and its valuable assistance to Africa's development. Ethiopia will continue to firmly uphold the one-China principle, he said.
Timothewos congratulated China on successfully launching and establishing the International Organization for Mediation, and expressed Ethiopia's readiness to strengthen cooperation with China in the peaceful settlement of disputes.
The two sides also exchanged views on enhancing coordination and cooperation within multilateral frameworks such as the United Nations and BRICS, and expressed readiness to jointly increase the voice and representation of the Global South and pool collective strength for common revitalization.
Chinese FM meets Ethiopian counterpart in Changsha
