China’s social logistics sector posts $18.62 trillion in first 5 months of 2024

China’s logistics sector maintained stability in the January-May period, extending an upward recovery trend, according to data reported by China Central Television (CCTV). 

The China Federation of Logistics and Purchasing reported that social logistics grew by 5.9 percent year-over-year, reaching 135.3 trillion yuan (approximately $18.62 trillion).

Industrial product logistics increased by 5.7 percent year-on-year, while industrial manufacturing climbed 6.1 percent.

Logistics for imported goods saw a 5.9 percent year-over-year rise, 0.9 percentage points lower than the January-April period. Imports of intermediate goods like integrated circuits, automobiles, and chassis picked up, while logistics for imported bulk commodities slowed down.

Resident consumption logistics rose by 11.4 percent year-on-year in the January-May period, 0.4 percentage points higher than the January-April period. In May alone, the figure was up 12.6 percent year-over-year, 3.7 percentage points higher than in April.

“The figures in the January-May period reflect that the social logistics generally remains stable with an upward trend. Consumption has remained robust since May, registering a marked increase,” said Liu Yuhang, director of the China Logistics Information Centre.

Read more: People’s Bank of China keeps interest rates unchanged in line with expectations

FDI reaches $57.94 billion in Jan-May 2024

Foreign direct investment (FDI) in China declined by 28.2 percent to reach 412.5 billion yuan ($57.94 billion) during the first five months of 2024 compared to the same period last year. 

Despite the drop in FDI, the Chinese Ministry of Commerce reported that 21,764 new foreign-invested firms were established across China in the reporting period, representing a 17.4 percent increase.

Government spending rises to $1.52 trillion

China’s general public budget spending expanded 3.4 percent year-on-year to 10.8359 trillion yuan ($1.52 trillion) in the first five months of 2024, the Ministry of Finance said lately. Data from the finance ministry also reveals that China’s general public budget revenue declined by 2.8 percent year-on-year to 9.6912 trillion yuan in the first five months.

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