Sorting robots distribute express parcels in a smart logistics park in Qianyuan Town, East China's Zhejiang Province, on February 5, 2024. A total of 880 intelligent sorting robots are running at full speed to sort and distribute parcels to ensure delivery before the Spring Festival holidays, which begin on February 10, 2024. Photo: cnsphoto
China's economy has shown signs of recovery, with steady growth in logistics sector in the first half of the year. The combination of positive economic data and effective policy implementation following the key reform-centered third plenum will be crucial in sustaining China's economic recovery and ensuring long-term growth, experts said.
The value of China's logistics sector reached 167.4 trillion yuan ($23.09 trillion) in the first half of the year, up 5.8 percent year-on-year, according to data released by the China Federation of Logistics & Purchasing on Tuesday. The growth trend has continued since the fourth quarter of last year.
Recent economic data also indicate positive developments. In the first half of 2024, the operating income of cultural and related industries above designated-size in China rose 7.5 percent year-on-year, the National Bureau of Statistics said on Tuesday.
Additionally, China's foreign trade surpassed 21 trillion yuan for the first time in the first half, setting a new record, officials said on Tuesday.
In light of recent data, it is evident that China's economy is on a steady path of recovery and growth. The implementation of various policies since the Third Plenary Session of the 20th Central Committee of the Communist Party of China has been instrumental in supporting this growth trajectory, experts said.
Experts are confident in the Chinese economy's ability to recover and contribute significantly to global economic growth.
Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Tuesday that the third plenum put forward new policy directions and measures in response to market demand.
"Continued reforms and targeted solutions to key challenges will instill confidence in the market. As policies are put into action across different sectors, we can expect to see a boost in market vitality and sustained confidence in a foreseeable future," Cong said.
Various government departments have been actively implementing policies and measures following the third plenum, including initiatives to support foreign trade, promote technology breakthroughs, and stabilize the stock and property markets.
The General Administration of Customs vowed on Tuesday to continue to optimize and promote the facilitation of cross-border trade, focusing on improving the efficiency of customs clearance and logistics.
The National Development and Reform Commission, China's top economic planner, said on Tuesday that it will focus on driving technological innovation and enhancing the development of national strategic scientific and technological capabilities.
China will maintain market stability, serve the real economy, cultivate high-quality listed companies, and prevent and resolve risks in key areas, said the China Securities Regulatory Commission on Monday.
Also on Monday, the National Financial Regulatory Administration said that it will accelerate the construction of a technology-friendly financial system, increase credit support in the consumer sector, promote the coordinated financial mechanism for the property industry, and guide financial institutions to cooperate in resolving local government debt risks.
The Ministry of Finance said on Monday that it will study and implement tax systems that are in line with new business models, regulate tax preferential policies to support key areas, and refine fiscal relationships between the central and local governments.
The economic recovery in China is showing positive signs, with GDP achieving the target of 5 percent growth in the first half of 2024.
China is set to achieve its economic goals and stronger policies are expected in the second half to stabilize growth. By focusing on real estate, the stock market, private enterprises, and improving employment and incomes, it will boost consumer spending and drive the economic recovery, Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times on Tuesday.
Foreign institutions, such as KPMG China, also recently expressed confidence in China's economic prospects.
In the next five years, China will continue to be the "biggest engine" that drives global growth. Its contribution to world economy remains the highest in the context of the global slowdown, Cai Wei, chief strategy officer of KPMG China Advisory, said in Shanghai on Monday, the China News Agency reported.
