CHINA’S logistics sector grew more quickly in November, as the economy remained on a recovery trajectory and high-quality development gained momentum.
The index tracking the logistics market stood at 53.3 last month, up 0.4 points from October. The warehouse storage index was 52.2, up 1.3 points month on month, according to data released by the China Federation of Logistics and Purchasing on Monday.
A reading above 50 indicates expansion, while a reading below reflects contraction.
Thanks to the Double 11 shopping festival, the logistics sector reported a further recovery in November, with total transactions and new orders both in expansion territory, He Hui, assistant president of the China Federation of Logistics and Purchasing, told the Global Times on Monday.
“The operation of the logistics sector is expected to remain stable, given enterprises’ relatively stable investment momentum, a steady increase in their demand and an improvement in their revenues,” He said.
Major Chinese internet platforms have unveiled impressive third-quarter financial data. E-commerce giant Pinduoduo’s revenue rose 93.9 percent year on year to 68.84 billion yuan ($9.66 billion). Chinese food delivery giant Meituan said that its third-quarter revenue was up 22.1 percent year on year to 76.47 billion yuan.
Cong Yi, a professor at the Tianjin University of Finance and Economics, told the Global Times on Monday that the performance of the logistics sector was in line with the continuous recovery of domestic consumption.
He refuted Western media bad-mouthing of China’s consumption recovery, saying that Chinese consumers have become increasingly rational, and spending in the culture and related sectors continues to rise.
Retail sales totaled 4.33 trillion yuan in October, up by 7.6 percent year on year, accelerating from 5.5-percent growth in September, according to the National Bureau of Statistics.
After better-than-expected economic growth of 4.9 percent year on year in the third quarter, global financial institutions, including JP Morgan, Citigroup and UBS, have raised their 2023 growth forecasts for China.
Since November, many provinces have been taking measures to boost consumption, the China International Import Expo and China International Supply Chain Expo were held to boost international trade and supply chain cooperation, and the Central Financial Work Conference charted a route for the high-quality development of the country’s financial sector.