China’s logistics market maintained its position as the world’s largest in terms of scale for the seventh consecutive year in 2022, according to the China Federation of Logistics and Purchasing.
The federation’s data showed that China’s total social logistics rose 3.4 percent year on year to 347.6 trillion yuan (about 50 trillion U.S. dollars) last year.
The total revenue of the logistics industry in 2022 came in at 12.7 trillion yuan, up 4.7 percent from a year earlier, according to the data.
The growth of China’s logistics market was supported by the country’s strong economic recovery and the continued expansion of e-commerce. The federation said that China’s logistics industry is expected to continue to grow in the coming years, driven by the country’s Belt and Road Initiative and the development of new technologies such as big data and artificial intelligence.