BEIJING — A think tank has predicted the total value of the logistics industry in China will approach 280 trillion yuan ($43.5 trillion) in 2018, an increase of 6.5 percent year-on-year.

The development in the high-end manufacturing industry and the consumption boom will drive demand for logistics services, according to a report released by the Center for Forecasting Science under the Chinese Academy of Sciences on Jan 19.

In 2018, logistics facilities and equipment will be upgraded and innovation in logistics will be made to enhance the efficiency of the industry, the report said.

It is expected the total revenue of the logistics industry will exceed 9 trillion yuan in 2018, while the total cost of the industry will reach 12 trillion yuan.

The report said investments in transportation, warehousing and postal industry will maintain a growth rate of 10 percent in 2018.

In 2017, the logistics industry achieved steady growth. In the first 11 months of 2017, the total value of the logistics industry totaled 229.9 trillion yuan, an increase of 6.7 percent year on year, the report said.