China cuts 14-bln-USD in logistics costs in 2017

2018-02-08 02:35:29 GMT2018-02-08 10:35:29(Beijing Time) Xinhua English

BEIJING, Feb. 7 (Xinhua) -- China cut logistics costs by 88.16billion yuan (14 billion U.S. dollars) last year as part of aneffort to relieve the burden on businesses.

Li Xiaoming, vice minister of transport, announced the figure ata press conference Wednesday, saying it surpassed the annual targetby 13 percent. The reduction came from lower toll fees,cancellation of compulsory tests for commercial vehicles, and lowerservice fees on shipping companies.

The ministry will roll out more measures to ensure reductionsfor this year exceed that in 2017, Li said, citing differentiatedtoll fees and railway-shipping coordinated transport.

Although they have dropped over the past several years, China'slogistics costs remain high and accounted 14.9 percent of GDP in2016, well above 8 to 9 percent in major developed countries.

Cutting business costs is a major task in the country'ssupply-side structural reform. Enditem