China's logistics sector dips in February due to holiday season

China's logistics industry has dipped in February due to holiday season, with businesses posting optimistic market expectations, according to the China Federation of Logistics and Purchasing (CFLP) on Monday.

The logistics industry prosperity index stood at 47.5 percent in February, down 3.7 percentage points from the previous month, as the nine-day Spring Festival holiday that began on Feb 15 resulted in a significant reduction in effective working days.

A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

The business activity expectation index for February was 51 percent, remaining within the expansionary range, according to the CFLP. Meanwhile, activity levels across regions are gradually recovering, starting with the central and eastern regions and then moving to the western regions. The supply chain and logistics demand sectors across the upstream and downstream have resumed operations in an orderly manner after holiday, and production capacity in commodities, metallurgy and chemicals, and equipment manufacturing has steadily recovered.

Orders for cross-border e-commerce, express delivery, and instant delivery have rebounded rapidly. Promotional activities for furniture, home appliances, and passenger vehicles have effectively supported the growth in logistics demand.

China's logistics sector dips in February due to holiday season

China will raise its retail prices of gasoline and diesel from Tuesday, following a sharp rise in international oil prices, the country's top economic planner said on Monday.

Gasoline and diesel prices will increase by 695 yuan (about 100.5 U.S. dollars) and 670 yuan per tonne, respectively, according to a statement released by the National Development and Reform Commission (NDRC).

The NDRC's price monitoring center said that developments in the Middle East will be the key factor influencing global oil price trends in the period ahead.

China's three biggest oil companies -- the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation -- and other refineries have been directed to maintain production and facilitate transportation to ensure stable supplies.

Relevant departments in various regions should intensify their market supervision and inspection efforts. They should implement strict measures to crack down on activities that violate national pricing policies to ensure market order, the NDRC said.

China to raise gasoline, diesel retail prices