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China establishes state-owned logistics group to improve competitiveness

China recently launched a new state-owned logistics entity, the China Logistics Group, which combines four logistics assets and already operates logistics hubs in 30 Chinese states and five continents. It aims to be the organizer of the global supply chain and enhance the security and stability of the supply chain in the face of pandemic turmoil and uncertainty.

The China Logistics Group operates 3 million vehicles. It owns 24.26 million square meters of land, owns 120 designated railway lines and has 42 futures delivery warehouses.

The move follows China’s decision to help stabilize its global supply chain amid the headlined turmoil in the United States at a recently signed Group 20 meeting.

By combining the logistics assets of four companies, China has launched a new state-owned logistics entity, the China Logistics Group, which already operates logistics hubs in 30 Chinese states and five continents. It aims to be the organizer of the global supply chain and enhance the security and stability of the supply chain in the face of pandemic turmoil and uncertainty.

At the inauguration ceremony, Hao Peng, head of the State-owned Assets Supervision and Administration Committee of China, ensured the smooth flow of production factors under the dual circulation development paradigm, and is safe, reliable and efficient modern. He said that efforts should be made to build a logistics system. , According to official Chinese media reports.

The new entity was formed by merging China Railway Materials, China National Materials Storage and Transportation Group, Huamao International Freight Limited Company, Shenzhen Branch, China Logistics and China National Packaging Corp.

This includes the parent companies of China Eastern Airlines, COSCO Shipping and China Merchants Group as strategic investors, with 10%, 7.3% and 4.9% stakes, respectively.

In the first six months of 2021, China’s social logistics value reached 150.9 trillion yuan ($ 23.24 trillion), up 15.7% year-on-year, above pre-pandemic levels, according to a report by the China Union. .. Logistics and purchase in August.

Fiber2Fashion News Desk (DS)



China establishes state-owned logistics group to improve competitiveness

Source link China establishes state-owned logistics group to improve competitiveness

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