(Yicai Global) Oct. 16 -- Logistics businesses in the city of Xuzhou in eastern China's Jiangsu province saw total operating incomes increase 18 percent annually to CNY210 billion (USD31.8 billion) in the first three quarters of this year, said Wang Derong, executive vice president of the China Transportation Association.
Xuzhou has eight industries, including equipment manufacturing, food and agricultural product processing and energy, worth more than CNY100 billion, while strong industry growth has generated strong demand for logistics services.
The city will host the fourth International Conference on Logistics Development early next month, with nearly 1,000 guests from 30 countries and regions scheduled to attend. The conference will introduce Xuzhou to more foreign organizations and lay the foundation for increased globalization in the city, Wang said.
The city has created a modern logistics industry system integrating rail, air and water transport services revolving around the manufacturing market. It is home to more than 8,000 logistics firms and some 50 logistics industry parks.
Total operating income in the local logistics sector grew to over CNY240 billion (USD36.3 billion) last year. The industry has entered a new phase of development characterized by rapid scale growth, continuous business upgrades and increasing market concentration.
Xuzhou is on track to become a world-class equipment, intelligent manufacturing and new-energy industry base. Smart manufacturing initiatives also give local logistics businesses greater scope for development.
The city has been officially designated a state-level pilot city for service industry reforms and as a pilot city for logistics service standardization. There are multiple policies currently boosting local business innovation.