China's logistics industry posts more than 20% growth in added value

BEIJING, March 30 (Xinhua) -- China's logistics sector realized 1.7 trillion yuan (241.2 billion U.S. dollars) in added value last year, a growth of 20.3 percent on the previous year, according to the National Development and Reform Commission(NDRC).

The growth rate was 5.2 percentage points higher than Chinese lesson of the year-earlier level.

The added value accounted for 17.6 percent of the total added value for the service industry at large, up 0.5 percentage points year-on-year, or made up 6.9 percent of China's gross domestic product (GDP), up 0.2 percentage points.

Last year saw the sector's gross business volume amount to 75.2trillion yuan, up 26.2 percent. The growth rate was 2.2 percentage points higher than the year-earlier level.

The logistics sector's expenditure reached 4.5 trillion yuan nationwide in 2007, up 18.2 percent. The growth rate was 4.7 percentage points higher.

The increased cost was ascribed to price hikes for oil and mounting labor cost, according to NDRC.