China's e-commerce giant Alibaba Group Holding Ltd, in tandem with industry partners, announced on Tuesday the establishment of a 100 billion yuan ($16.3 billion) logistics network that aims to make 24-hour domestic deliveries possible.

The project, China Smart Logistic Network, is expected to improve efficiency through streamlined warehouse and logistics infrastructure, said Alibaba Chairman Jack Ma in Shenzhen.

The new company, established by Alibaba and its partners, known as Cainiao Network Technology Co Ltd, plans to complete the network in five to eight years.