China's logistics sector reports strong efficiency growth in Q1

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

President of the Republic of Korea (ROK) Lee Jae Myung has expressed his hope that his upcoming visit to China will help eliminate past misunderstandings and issues, underscoring the importance of ties between the two countries.

At the invitation of Chinese President Xi Jinping, Lee will pay a state visit to China from Jan 4 to 7. It will be Lee's first visit to China since he took office.

In an interview with China Media Group (CMG) in Seoul on Wednesday, Lee acknowledged the existing misunderstandings and issues between the two countries, noting that addressing these issues is a key goal of his visit.

"The current international landscape is turbulent, with escalating issues among various countries. In this context, the relationship between the Republic of Korea and China holds significant importance for us. the ROK and China are deeply interconnected in many areas, including history, economy, geopolitics, politics and security. Northeast Asia's peace, stability, mutual respect, and common prosperity are crucial for both countries," said Lee.

"Admittedly, there have been some misunderstandings and issues between the ROK and China, which have hindered the development of bilateral relations to some extent. Therefore, the purpose of my upcoming visit to China is to minimize or eliminate these past issues, foster a leap in our bilateral relations to a new level, and solidify the ROK and China as partners that mutually support each other's development," he said.

ROK President hopes to reduce misunderstandings with China during upcoming visit