Chinese economic growth slows and sustainability pressures mount

Economic and environmental pressures are coming to bear on the Chinese economy, and the logistics industry has a key role to play in responding to the challenge.
That was the message delivered by Lv Jijian, deputy director of trade in services for the Chinese Ministry of Commerce, to the Sino International Freight Forwarders Conference, co-hosted by China International Freight Forwarders Association (CIFA) and freight forwarding group WCA.
The conference heard that the Chinese government expects annual economic growth rates of around 7%-8% over the next decade, which is down on the explosive growth in recent times but still significant enough to see the Chinese economy growing at a rate that far outstrips western markets.
“To put this in perspective, just the new business generated in China each year equals the entire economic output of Turkey,” said Mr Jijian.
As well as focusing on growth, China now wants to increase efficiencies in the supply chain and, for the first time, is talking seriously about environmental sustainability too, as internal and international pressures mount.
“We also want to build a future that is both sustainable and green. Implementing these policies is important and will lead to a transformation in China in this sector," said Mr Jijian.
He added: “China’s freight forwarders need to continue to innovate and upgrade, adapt to new concepts and face the challenges of the market. Key to this is strengthening international cooperation and establish closer relationships as China introduces more free market policies to promote international forwarding.”
The 11th Sino International Freight Forwarders Conference passed an impressive business networking milestone during the three day event.
More than 25,000 pre-arranged one-on one meetings took place between 800 independent freight forwarding executives.
The event saw the total of meetings facilitated by the conference pass the half million mark in its eleven year history
In turn, these meetings have led to thousands of long-term business relationships both within China and with internationally based colleagues from many of the 150 countries and territories represented at the conference.
“The opportunities remain huge, and for many companies the possibilities of China have yet to be fully explored,” said WCA president David Yokeum.
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