Logistics costs in China fell by 400 billion yuan in 2024, Transport Minister Liu Wei said during the Two Sessions in Beijing Wednesday.

Transport costs fell by 280 billion yuan during the year, Liu said.

Rail freight revenue increased more than 30% during the year while waterway freight revenue grew 40%, Liu said.

Since 2017, China has been promoting the role of waterways and railroads in logistics due to cheaper costs and bigger capacities, Yicai Global reported separately.