BEIJING - The total value of goods carried by China's logistics industry grew by 9.6 percent year-on-year to reach 146.4 trillion yuan ($23.27 trillion) in the first 10 months this year, an industry association said Sunday.

The China Federation of Logistics and Purchasing said in a statement posted on its website that the growth rate stayed at the same level as that for the first nine months, indicating the industry was continuing to stabilize.

"Total expenses of logistics remained at a relatively high level," the statement said.

Logistics expenses in the first 10 months surged 11.5 percent year-on-year to 7.2 trillion yuan, up 0.2 percentage point from September and 1.9 percentage points from a year earlier.

The CFLP forecast that the logistics industry will register a steady and relatively fast growth this year, as China's economy has showed signs of stabilizing.

The HSBC said Thursday that its Flash China Manufacturing Purchasing Managers' Index bounced back to expansionary territory for the first time in 13 months to stand at 50.4 in November, indicating the Chinese economy is gaining momentum.