BEIJING, Dec. 7 (Xinhuanet) -- The total value of China's domestic logistics this year is expected to hit 47 trillion yuan (about 5.8trillion US dollars), 24 percent higher than last year, according to Wednesday's Economic Daily.

    The newspaper said the total value, which was released from an annual national logistics conference convened on Tuesday, will account for about 20.8 percent of China's GDP this year.

    Lu Jiang, chairman of the China Federation of Logistics and Purchasing, said at the conference that the increased total value of China's logistics industry indicates a rising need for logistics during the country's economic growth.

    According to Lu, the competitions among logistics operators in the Chinese market will become more intense, along with the expansion of the Third Part Logistics (TPL) in the country and theentry of more overseas logistics giants. Enditem