China is set to reduce logistics costs and improve logistics efficiency to spur the real economy, according to a guideline approved at a State Council executive meeting chaired by Premier¹ Li Keqiang on Wednesday.

 

本周三，由李克强主持的国务院常务会议上通过一项指导方针：中国将降低物流成本提高物流效率以刺激实体经济。

 

One focus is placed on better road transportation through improving traffic administration and law enforcement to enable better services and less red tape. Tax policy will be overhauled² and toll³ charges will be set at reasonable levels to reduce the burden on companies.

 

"The logistics sector⁴ is the groundwork of strategic importance for the development of market economy. Lowering logistics costs and raising the efficiency should be prioritized this year," 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 the GDP in 2016, down by 1.1 percentage points from the previous year.

 

Although the ratio had dropped for four years in a row by 2016, it is not only significantly higher than some developed economies, but also higher than some developing economies.

 

China is ranked 27th in the 2016 Logistics Performance Index created by the World Bank and covering 160 countries and regions.

 

"China's logistics costs are still on the higher end in the world. We should promptly⁵ respond to the shared concern of businesses with well-designed measures to make the sector travel light and perform better. That will be of great help to the real economy," he said.

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