China's logistics sector continues to grow

BEIJING - China's logistics industry continued to post steady growth in the first eight months of this year, official data showed.

The total value of social logistics in the January-August period grew 5.8 percent year-on-year to 188.6 trillion yuan (about $26.7 trillion), according to the China Federation of Logistics and Purchasing (CFLP).

The growth rate was down 1.1 percentage points from the same period last year.

In the first eight months, total logistics costs came in at 8.9 trillion yuan, up 7.8 percent year-on-year.

Although logistics sector is facing downward pressure, the industry has maintained stable growth momentum, said He Hui, head of China Logistics Information Center.

Earlier data showed the Logistics Performance Index stood at 50.9 percent in August, down from 51.1 percent in July but still in the expansionary territory.

A reading above 50 percent indicates expansion, while that below it reflects contraction.