China supports overseas logistics investment

   Chinese logistics companies are being encouraged to expand overseas, according to a report published Wednesday by the China Daily newspaper.
   At a logistics conference held in Beijing earlier this week, Ministry of Commerce officials reportedly encouraged Chinese firms to acquire overseas distribution centers to aid in trade growth.
   The article cited last month’s acquisition of the container leasing company GE SeaCo by HNA Group as a successful overseas expansion by a Chinese logistics firm.
   It quoted He Liming, chairman of the China Federation of Logistics and Purchasing, an industry association, as saying the European debt crisis may have created opportunity for Chinese companies “to make overseas acquisitions at a lower cost,” he said
   Wang Huimin, deputy director of the Bureau of Economic Operations Adjustment at the National Development and Reform Committee, is also quoted as saying logistics accounts for 17 percent of China’s service industry.
   “The logistics industry will not only promote the development of the entire service sector but will also help transform the growth mode of the manufacturing sector, improving China’s competitiveness as a world manufacturer,” she said.