China’s logistics activity picks up as economy firms

BEIJING — China's logistics activity picked up in March as the economy continued to show signs of firming.

The logistics performance index for March came in at 53.4 percent, up from 50 percent in February and ending a falling streak of three consecutive months, according to the National Development and Reform Commission (NDRC).

A reading above 50 percent indicates logistics service expansion while a reading below reflects contraction.

In breakdown, the sub-index for new orders expanded to 52.5 percent from 50.4 percent in February, while that for inventory turnover came in at 50.7 percent, an increase of 5.1 percentage points from the previous month.

The sector's business expectation index remained in the expansionary territory of 61 percent, suggesting expanding activity of both upstream and downstream industries amid improving demand, the NDRC said.

Earlier statistics showed growth as the manufacturing purchasing managers’ index rose to 51.5 last month, the strongest level this year and remaining in expansionary territory for 20 straight months.

The NDRC said development of the logistics sector has been stable and improving, which has laid a sound foundation for economic growth in the second quarter.

The country's GDP grew 6.9 percent in 2017. GDP growth data for the first quarter are scheduled to be released on April 17.