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17:01, 26-Dec-2017
China cuts 88 bln yuan in logistics costs in 2017
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The Ministry of Transport said on Monday that China reduced logistics costs by more than 88 billion yuan (13.4 billion US dollars) in 2017.
According to the ministry, the cuts were made through measures such as the removal of road tolls in several provincial-level regions and streamlined traffic services.
Li Xiaopeng, minister of transport, said that China will continue to push supply-side structural reform in the transport industry and further lower logistics costs in 2018.
The country will expand pilot programs in highway toll collection and streamline some charges in ports, Li said.
Statistics from the National Development and Reform Commission showed that the cost of logistics in China took up about 14.9 percent of GDP in 2016, down from the previous year by 1.1 percentage points.
Although by 2016 the ratio had dropped for four years in a row, it is still higher than some developing economies.
Authorities have stepped up reform in the transport sector this year to reduce the logistics burden on companies. Rail freight charges were canceled or lowered, while more financing opportunities were made available to companies in the logistics sector.
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Source(s): Xinhua News Agency