China aims to reduce cost of logistics

China aims to reduce logistics costs by nearly 121 billion yuan ($17.8 billion) this year, the Ministry of Transport announced on Thursday at a news conference of the State Council Information Office.

Spokesman Wu Chungeng said the ministry will unveil a string of measures not only to cut costs but to promote innovative development of the industry.

China will continue to increase railway freight volume, upgrade its water transportation system, regulate highway freight transport and speed up multimodal transport in a bid to improve its logistics network and optimize its structure, Wu said.