China to accelerate logistics network construction

China's top economic planner on Thursday pledged to guide private capital to the logistics industry, which it says is holding back economic growth.

China's overall logistics sector remains underdeveloped and the government will speed up construction on major projects as part of wider efforts to stabilize economic growth and push industrial restructuring, said a statement of the National Development and Reform Commission (NDRC).

By 2020, China aims to build a modern logistics service system with annual growth of value added output of around 8 percent, accounting for around 7.5 percent of the country's GDP, according to the document.

The latest emphasis on the sector followed an earlier statement by the NDRC saying it will study the possibility of establishing a relevant funding pool to support the industry.

Data from China Federation of Logistics and Purchasing showed goods worth 104.7 trillion yuan (16.3 trillion U.S. dollars) were transported in the first half of the year.

Between January and June, the gross revenue of the logistics industry hit 3.6 trillion yuan, up 5.4 percent over the same period last year.