market research report : logistics market in china 2012
DESCRIPTION
For the complete report, get in touch with us at : [email protected] The market is expected to get impetus amid growing Chinese economy coupled with increasing domestic consumption, resulting in increased demand for logistics. The report begins with an introduction section which comprises an illustration of the logistics industry framework wherein it depicts the structure of the market, including the regulator, infrastructure, carriers, delivery type and service providers. Work flow model of the integrated international logistics services is also included in the report providing a better understanding of the overall transaction system. This is followed by the market overview of logistics market in China, describing the global positioning of China’s logistics market, based on the logistics performance index. This section provides details on the domestic logistics industry size in terms of logistics market value and expected growth during 2005-15. The report also discusses the importance of logistics value-added, providing the growth in value terms alongwith the share of the total value-added of the logistics industry in both China’s tertiary industry and GDP. Factors driving the growth of logistics market in China are also explained in detail that includes healthy economy, rising income and increasing domestic consumption, growing e-commerce business, manufacturers shift to the west, strong retail sales, opportunity from cold chain logistics and opportunity from pharmaceutical logistics offering significant growth prospects for the Chinese logistics market. Players operating in the market also face challenges impeding their development and growth. Major challenges identified in the report include rise in logistics costs with low efficiency, lack of modern logistics facilities, inadequate warehouse space, regional protectionism, European debt crisis, human resource constraints and preference towards self management restricting the growth of the market. The report also provides the role of the government in the country’s logistics sector. It mentions the steps taken by the government to reorganize the logistics related administrative associations, describing the fragmented regulatory structure of the logistics sector. Rejuvenating program for logistics industry along with the development plan of commercial logistics has been provided. Further, it mentions the key focus areas under the 12th Five Year Plan catering to the logistics sector. It also mentions the government’s future plans for the development of logistics industry. Emerging trends in the logistics market include development of national transport infrastructure, market consolidation, logistics outsourcing, inland expansion of third party logistics providers and rising investments in the logistics sector. The competition section outlays the competitive landscape of the logistics industry in China briefing about the domestic and foreign players existing in theTRANSCRIPT
Logistics Market – China
February 2012
2LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Executive Summary
Market
Drivers & Challenges
Competition
Logistics market value in China is expected to reach USD x tr by 20‐‐, growing at a CAGR of z% from USD y bn in 20‐‐
Industrial products accounted for a major share of x% of the logistics market value in 20‐‐
Trends Development of National Transport Infrastructure Market Consolidation Logistics Outsourcing Inland Expansion of Third Party Logistics Rising Investments
Drivers:‐ Healthy Economy‐ Rising Income and Increasing Domestic Consumption‐ Growing E‐commerce Business‐ Manufacturers’ Shift to the West‐ Strong Retail Sales‐ Opportunity from Cold Chain Logistics‐ Opportunity from Pharmaceutical Logistics
Government Initiatives
Reorganization of Logistics‐Related Administrative Institutions in 20‐‐ Fragmented Regulatory Framework Rejuvenating Program for Logistics Industry (20‐ ‐‐20‐ ‐) Development Plan of Commercial Logistics (20‐ ‐) Logistics Key Focus Areas under the 12th Five Year Plan (20‐‐ ‐20‐ ‐)Medium‐and Long‐term Development Plan of Logistics Industry (20‐ ‐ ‐20‐ ‐)
Challenges:‐ Rise in Logistics Costs with Low Efficiency ‐ Lack of Modern Logistics Facilities‐ Inadequate Warehouse Space‐ Regional Protectionism‐ European Debt Crisis‐ Constraints in Human Resources‐ Preference towards Self Management
Established foreign companies including Company 1,Company 2, Company 3, andCompany 4; and Hong Kong based Company 5 in China’s Logistics Market, indicates more fierce competition for the domestic players
Key domestic players in the market include company 1, Company 2, Company 3, Company 4 and Company 5
3LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
•Introduction
•Market Overview
•Drivers & Challenges
•Government Initiatives
• Trends
•Mergers & Acquisitions
•Competition
•Key Takeaways
4LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Logistics Industry Framework
Source:
X
a2
a3
a4
a5
b1
b2
b3b4
b5
c1
c2
c3
d1
d2
d3
d4
d6
a1
d5
A
B
C
D
5LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Integrated International Logistics Services
Type 1
Type 2
Type 7
Type 3
Type 6
Type 5
Type 4
Source:
XxXx
6LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
China was ranked X based on the Logistics Performance Index
Country 3030Country 1515
Country 2929Country 1414
Country 2828Country 1313
Country 2727Country 1212
Country 2626Country 1111
Country 2525Country 1010
Country 2424Country 99
Country 2323Country 88
Country 2222Country 77
Country 2121Country 66
20
19
18
17
16
Rank
Country 5
Country 4
Country 3
Country 2
Country 1
Economy
5
4
3
2
1
Rank
Country 20
Country 19
Country 18
Country 17
Country 16
Economy
Logistics Performance‐wise Rank (20‐‐)Logistics Performance Index
• Logistics performance of different economies has been measured by the World Bank, by using the Logistics Performance Index
• Logistics Performance Index (LPI) is the a countries score based on the weighted average of six chief criteria:
Efficiency of the clearance process
Quality of infrastructure associated with trade and transport
Ease of arranging competitively priced shipments
Capability and quality of logistics services
Ability to track and trace consignments
Efficiency in delivery time
• In 20‐‐, among the x evaluated economies, China ranked y
• However, China topped amongst the lower‐middle income countries
Developed economies or high income countries, such as X led the index, followed by Y and Z
Source:
7LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Logistics market in China, exhibiting rapid development with annual double digit growth through 20‐‐
• Logistics industry acting as a bridge between the value chain from production to sales, plays a key role in China’s smooth economic development Logistics market value is expected to reach USD x tr in 20‐‐, growing at a CAGR of y% during 20‐‐‐ ‐‐
•Higher logistics demand coefficient indicates bigger logistics market In 20‐‐, logistics market growth slowed down with y‐o‐ygrowth rate reduced to x% from y% achieved in 20‐‐, due to global financial crisis
However, logistics demand coefficient was x in 2010, up from y in 2009 and logistics market value reached a record high of USD z tr in 20‐‐, up by y % y‐o‐y, exhibiting a phenomenal recovery from the global financial crisis
Industrial products accounted for a massive share of z% of the total logistics value in 20‐‐, followed by the imported and agricultural products with x% and y% respectively
Logistics Market Value and GrowthLogistics Market – Overview
Source:
35.631.2
27.424.0
21.118.5
14.313.311.1
8.87.1
0
10
20
30
40
USD tr
20‐‐
Z%
20‐‐e20‐‐e20‐‐e20‐‐e20‐‐e20‐‐20‐‐20‐‐20‐‐20‐‐
Logistics Market Value Category‐wise(20‐‐)
E1%D1%C1%
B1%
A1%
E
D
C
B
A
8LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Growth in logistics value‐added along with its consistent share in GDP and …
Logistics Value‐Added (1/2)
Source: China Federation of Logistics and Purchasing; Li Fung Group
• Steadily increasing logistics value‐added, denotes a growing logistics market over the time period
20‐‐‐‐‐
•Higher logistics value added signifies bigger logistics market
Logistics value added is expected to grow at a CAGR of x% during the five year period 20‐‐‐‐‐ amounting to
USD ybn by 20‐‐
Note: 2010 Exchange Rate has been used for all conversions
Growth of Logistics Value‐Added
0
500
1,000
USD bn
Y%
X%
20‐‐e
x11
20‐‐e
x10
20‐‐e
x9
20‐‐e
x8
20‐‐e
x7
20‐‐
x6
20‐‐
x5
20‐‐
x4
20‐‐
x3
20‐‐
x2
20‐‐
x1
9LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
…tertiary industry indicates the expansion of logistics market in China
Logistics Value‐Added (1/2)
Source:
• Total logistics value‐added reached USDx bn, representing y% of the GDP in 20‐‐, growing at a
CAGR of z%, from USD y bn, representing x% share of the GDP in 20‐‐
• Logistics sector has managed to grow as fast as the tertiary market and the national economy as
there has been a stable growth in the share of the total value‐added of the logistics industry in
both China’s tertiary industry and GDP, during 20‐‐‐‐‐
y5
y4
y3
y2
y1
Y‐O‐Y Growth(%)
a5z5x520‐‐
x4
x3
x2
x1
Total Value‐Added (USD bn)
z4
z3
z2
z1
Share in the Tertiary Industry (%)
a420‐‐
a320‐‐
a220‐‐
a120‐‐
Share in GDP(%)Year
10LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Drivers & Challenges – Summary
Opportunity from Pharmaceutical Logistics
Drivers
Healthy Economy
Rising Income and Increasing Domestic Consumption
Growing E‐commerce Business
Manufacturers Shift to the West
Strong Retail Sales
Opportunity from Cold Chain Logistics
European Debt Crisis
Constraints in Human Resources
Self Management Mentality
Challenges
Rise in Logistics Costs with Low Efficiency
Lack of Modern Logistics Facilities
Inadequate Warehouse Space
Regional Protectionism
11LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Impact
Growth of GDP Growth of Foreign‐exchange Reserves
Powerful Chinese economy serves to build a strong foundation for the logistics sector
Healthy Economy
Source:
0
2,000
4,000
6,000
8,000
10,000 X%
20‐‐e
x4
20‐‐e
x3
20‐‐
x2
20‐‐
x1
USD bn
• Finding 1
• Finding 2
• Finding 3
0
1,000
2,000
3,000
4,000
USD bn
Y%
20‐‐
y4
20‐‐
y3
20‐‐
y2
20‐‐
y1
12LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Impact
Urban Disposable Income (per household) Urban Consumer Spending
Rising income coupled with increasing consumption will aggravate the country’s logistics requirement
Rising Income and Increasing Domestic Consumption
• Finding 1
• Finding 2
• Finding 3
• Finding 4
Source: i‐Newswire; PWC
Higher logistics requirementsRising Income
Increasing Domestic Consumption
0
5,000
10,000
15,000
20,000
USD bn
X%
20‐‐e
x3
20‐‐e
x2
20‐‐
x1
0
1,000
2,000
3,000
4,000
5,000
USD bn
Y%
20‐‐‐e
y3
20‐‐e
y2
20‐‐
y1
13LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Impact
Rise in E‐commerce Cost Structure Per Parcel
Rise in e‐commerce has augmented the domestic demand for improved logistics
Growing E‐commerce Business
• Finding 1
• Finding 2
Source:
0
500
1,000
1,500
2,000
2,500
3,000
USD bn
X%
20‐‐e
x7
20‐‐e
x6
20‐‐e
x5
20‐‐e
x4
20‐‐e
x3
20‐‐
x2
20‐‐
x1
C1 D12011 A1 B1
A B C D
14LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Impact
Movement of manufacturing hubs to the West, provides significant growth opportunity for logistics market
Manufacturers Shift to the West
• Finding 1
• Finding 2
ShanghaiNingbo
Shenyang
Tianjin
Beijing
Dalian
JinanJinanQingdao
Lianyungang
TaiyuanTaiyuan
XianXian
Chengdu
Chongqing
Beijing
Kunming
Chongqing
ShenzhenGuangzhou
Foshan
Xiamen
Wuhan
Nanjing
Hangzhou
A
B
C
D
E
F
Major manufacturing, consumption and distribution hubs
15LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Impact
Annual Retail Sales of Consumer Goods
Growing retail sales add to the rising demand for logistics in the country
Strong Retail Sales
Source:
• Finding 1
Methodology adopted by the retailers to tackle the logistics issue can be a key differentiator among competitorsMethodology adopted by the retailers to tackle the logistics issue can be a key differentiator among competitors
• Type 5
• Type 4
• Type 3
• Type 1
• Type 2
• Point 1
• Point 2
0
1,000
2,000
3,000
17.1%
20‐‐
Y
y1
y2
20‐‐
X
x1
x2
BA
16LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Impact
Underdeveloped cold chain logistics provides significant opportunity for further growth
Opportunity for Cold Chain Logistics
• Finding 1
• Finding 2
• Finding 3
Source:
DescriptionDate
•Point 3Apr 20‐‐
•Point 1•Point 2
Jan 20‐‐
Foreign Investors are Attracted by The Enormous Growth Potential of Domestic Cold Chain Logistics Market
ChinaY%
USAX%
Cold Chain Service Demand & Supply Gap
Point 1
17LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Impact
Pharmaceutical logistics is expected to grow with the growth of Chinese pharmaceutical market
Opportunity for Pharmaceutical Logistics
• Finding 1
• Finding 2
Source:
• Point 1
• Point 2
Government’s support for the development of modern pharmaceutical logistics
• Point 1• Point 2• Point 3
China is being considered as an emerging market, driving up demand for Western drugs
Growth of Pharmaceutical Market
0
50
100
150
200
USD bn
X%
20‐‐
x3
20‐‐
x2
Mar20‐‐
x1
18LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Impact
Rise in transportation fees, fuel costs and labor costs coupled with…
•Finding 1
• Finding 2
• Finding 3
• Finding 4
Source:
Rise in Logistics Cost Ratio of Total Logistics Cost to GDP (20‐‐)
Rise in Logistics Costs with Low Efficiency (1/2)
0
200
400
600
800
1,000
1,200
USD bnX%
Jan‐Oct 20‐‐
x3
20‐‐
x2
20‐‐
x1
0
5
10
15
20
%
Country 2
x2
Country 1
x1
19LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
…low efficiency is a major challenge to the logistics market
Rise in Logistics Costs with Low Efficiency (2/2)
• Finding 1
Source:x4B2
x3B1B
x2A2
x1A1A
Y‐O‐Y Growth (Jan‐Oct 20‐‐)Sub‐CategoryCategory
Share in Total Logistics Cost Increase in Transportation Fees
Point 1
0
20
40
60
80
100 a5
20‐‐
c4
b4
a4
20‐‐
c3
b3
a3
20‐‐
c2
b2
a2
20‐‐
c1
b1
a113
%
20‐‐
c5
b5
CBA
0
200
400
600
USD bn15.6%
20‐‐
x2
20‐‐
x1
20LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Impact
Lack of modern logistics facilities is a huge set back for the logistics sector
Lack of Modern Logistics Facilities
• Finding 1
• Finding 2
• Finding 3
Source:
Point 1
Cause•Effect 1•Effect 2
Limited Supply of Modern Logistics Space (20‐‐)
0
200
400
600X
a1
b1
sq m
20‐‐
A B
21LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Impact
European debt crisis hinders China’s overall growth, hampering logistics escalation
Debt Crisis in Europe
• Finding 1
• Finding 2
• Finding 3
• Finding 4
Source:
• Point 1
• Point 2
Decline in New Export Order Sub‐Index
Point 3Point 3
0
20
40
60X%
Feb 20‐‐
x2
Jan 20‐‐
x1
22LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
SAMPLE
Government has implemented certain measures to reorganize the regulatory structure of the logistics industry
•Finding 1
• Finding 2
Reorganization of Logistics‐Related Administrative Institutions in 20‐‐
Source:
x1
x2
x3
X
y1
y2
YZ
23LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Government has issued new guidelines to solve the long‐term problems in the logistics industry
A1
C1
B1
E1
D1
F1
G1
H1
Target set by NDRC and CFLP by 20‐‐
Logistics Key Focus Areas under the 12th Five Year Plan (20‐‐‐20‐‐)
Source:
Z%X3
Y%
CAGR
X%
X2
X1
Category
J1
24LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Government’s future plans for the development of logistics industry
Medium‐and Long‐term Development Plan of Logistics Industry (20‐‐‐20‐‐)
Source: Li Fung Group
• Finding 1
• Finding 2
• Finding 3
D
C
B
A
25LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
BOTTLED WATER MARKET IN CHINA 2011.PPT
Trends – Summary
Development of National Transport Infrastructure
Inland Expansion of 3PLs Logistics Outsourcing
Market ConsolidationRising Investments
Key
Trends
26LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
0
10
20
30
40
50
60
70
80
90
100
110
120
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000Revenue
d1
c1b1
a1
Net Income
Major Domestic Public Companies – Summary (1/2)
Source:
Size of the Bubble represents Market Capitalization in USD mn
Company 4Company 3Company 2Company 1
27LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Source:
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
USD mn
Company 4y4
x4
Company 3y3
x3
Company 2y2
x2
Company 1y1
x1
X Y
Total Income and Profit for Major Domestic Companies of 2010
Major Domestic Public Companies – Summary (2/2)
28LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Key People
Products and Services
Company Information Locations – China
Designation 4Person 4,
Name Designation
Person 1 Designation 1
Person 2 Designation 2
Person 3 Designation 3
Source:
‐‐‐‐Stock Exchange
Corporate Address City 1, Country 1
Tel No. ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
Fax No. ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
Website
Year of Incorporation 20‐‐
Ticker Symbol ‐‐‐‐
Domestic Company – Company 1
ProductCategory 5
ProductCategory 4
ProductCategory 3
ProductCategory 2
Category Products/Services
Category 1 Product
HeadquarterOther Offices
29LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Financial Snapshot Key Ratios
Financial Summary
• The company incurred a net profit of USD x1 mn in FY 20‐‐, as compared to net profit of USD x2 mn in FY 20‐‐
• The company reported total Income of USD y1 mn in FY 20‐‐, registering an increase of y% over FY 20‐‐
• The company earned an operating margin of x% in FY 20‐‐ an increase ofz percentage points over FY 20‐‐
• The company reported debt to equity ratio of y1 in FY 20‐‐, a decrease of x% over FY 20‐‐
Financial Summary
Profit / Loss
Revenue
0
200
400
600
0
10
20
30
ProfitUSD mn
RevenueUSD mn
20‐‐
x4
20‐‐
x3
20‐‐
x2
20‐‐
x1
Indicators Value (dd/mm/yy)Market Capitalization (USD) ‐‐Total Enterprise Value (USD) ‐‐EPS (USD) ‐‐PE Ratio (Absolute) ‐
Particulars y‐o‐ychange
(2010‐09)2010 2009 2008 2007
Profitability RatiosOperating Margin ‐‐ ‐‐ ‐‐ ‐‐ ‐‐
Net Margin ‐‐ ‐‐ ‐‐ ‐‐‐ ‐‐‐
Profit Before Tax Margin ‐‐ ‐‐ ‐‐ ‐‐‐ ‐‐
Return on Equity ‐‐ ‐‐ ‐‐ ‐‐‐ ‐‐
Return on Capital Employed ‐‐ ‐‐ ‐‐ ‐‐‐ ‐‐
Return on Working Capital ‐‐ ‐‐ ‐‐ ‐‐‐ ‐‐
Return on Assets ‐‐ ‐‐ ‐‐ ‐‐‐ ‐‐
Return on Fixed Assets ‐‐ ‐‐ ‐‐ ‐‐‐ ‐‐
Cost RatiosOperating costs (% of Sales) ‐‐ ‐‐ ‐‐ ‐‐ ‐‐Administration costs (% of Sales)
‐‐ ‐‐ ‐‐ ‐‐ ‐‐‐
Interest costs (% of Sales) ‐‐ ‐‐ ‐‐ ‐‐ ‐‐‐
Liquidity Ratios ‐‐
Current Ratio ‐‐ ‐‐ ‐‐ ‐‐ ‐‐Cash Ratio ‐‐ ‐‐ ‐‐ ‐‐ ‐‐‐
Leverage RatiosDebt to Equity Ratio ‐‐ ‐‐ ‐‐ ‐‐ ‐‐
Debt to Capital Ratio ‐‐ ‐‐ ‐‐ ‐‐ ‐‐
Interest Coverage Ratio ‐‐ ‐‐ ‐‐ ‐‐ ‐‐
Efficiency RatiosFixed Asset Turnover ‐‐ ‐‐ ‐‐‐ ‐‐‐ ‐‐Asset Turnover ‐‐ ‐‐ ‐‐‐ ‐‐‐ ‐‐Current Asset Turnover ‐‐ ‐‐ ‐‐‐ ‐‐‐ ‐‐Working Capital Turnover ‐‐ ‐‐ ‐‐‐ ‐‐ ‐‐
Capital Employed Turnover ‐‐ ‐‐ ‐‐‐ ‐‐ ‐‐
Source:
Domestic Company – Company 1
30LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Source:
Key Business Segments Key Geographic Segments
Key Recent Developments
0%
20%
40%
60%
80%
100%
20‐‐
c4
b4 d4
20‐‐
c3
b3 d3
20‐‐
c2
b2
20‐‐
a1
A D B C
Description News
Overview
• Company 1 was formerly known as Company 2. and had changed its name in Jun 20‐‐ Company provides integrated logistics services in the Country 1
– Milk‐run service covers more than x suppliers in the areas of A, B, C, D, E and F, with annual output of over y TEU– International freight forwarding services has an annual output exceeding zTEU– Company owns x vessels to handle bulk cargo with capacity of more than y ton and annual transportation capacity by
railway exceeds z ton– Company has x sophisticated distribution centers for supply parts, with a total warehousing space of more than y sq m
Company delivers within x to y days to over z large and medium sized cities and within z days to over x county‐level cities all over Country 1
Domestic Company – Company 1
0%
20%
40%
60%
80%
100%
20‐‐
Country 1
31LOGISTICS MARKET IN CHINA 2012.PPT
SAMPLE
Logistics market is expected to grow at a CAGR of X% to reach USD y tn by 20‐‐
Logistics industry has become a leading industry in China's national economy and is playing a guiding and supporting role in the overall national economic situation
Healthy economy coupled
with rising income and
increasing domestic
consumption act as a driver
for the growing demand of
logistics in the country
Opportunities in the Market
Market Size Government Initiatives
Challenges
Government has been taking some major initiatives for the development of the logistics sector
Growing e‐commerce
business and relocation of
manufacturers to the west
provides opportunity for
growth in the logistics sector
Growing retail sales,
opportunity from cold chain
and pharmaceutical logistics
tender prospects for future
growth
• Rise in Logistics Costs with Low Efficiency • Lack of Modern Logistics Facilities• Inadequate Warehouse Space• Regional Protectionism• European Debt Crisis• Constraints in Human Resources• Inclination towards Self Management
However, presence of multiple government bodies associated with the jurisdiction of the logistics sector, creates high‐level coordination failure
Government has issued new guidelines to solve the long‐term problems in the logistics industry via its 12th Five Year Plan and medium and long‐term development plans
0
10
20
30
40
20‐‐e
USD tn
20‐‐
x8X%
20‐‐e 20‐‐e20‐‐e 20‐‐e
x10x9
x7
x11
x6
20‐‐
x5
20‐‐
x4
20‐‐
x3
20‐‐
x2
20‐‐
x1
32LOGISTICS MARKET IN CHINA 2012.PPT
Thank you for the attention
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