China's logistics efficiency continues improvement, sets record in 2024

BEIJING -- China's logistics efficiency continued to improve in 2024, with the ratio of social logistics costs to gross domestic product (GDP) dropping to the lowest level in history last year, the National Development and Reform Commission (NDRC) said on Wednesday.

The ratio stood at 14.1 percent for 2024, representing a decrease of 0.3 percentage points from the previous year -- and reaching the lowest level since such statistics data was first published in 2006.

Across industry segments, the ratio of transportation costs to GDP decreased by 0.2 percentage points, while the ratio of management costs to GDP dropped by 0.1 percentage points, according to the NDRC.

China aims to lower the ratio of social logistics costs to GDP to approximately 13.5 percent by 2027.

In the future, the country will accelerate the implementation of the railway freight network project and the interconnected inland waterway transport system project, as well as support the establishment of international logistics hubs and commodity resource allocation hubs in certain regions, the commission said.