China : Best times ahead for textile industry

The latest study by China Textile Economy Research Center indicates that in the first half of this year, country’s textile industry, despite number of unfavorable factors maintained a relatively rapid growth in production. Industry operation quality and efficiency steadily improved.

In the first seven months, above-scale enterprises in four major categories of textile products, chemical fiber, yarn, cloth and garments, maintained double-digit growth.

Despite the decline in increase of exports and investment, industry statistics of the first half year still kept a good development momentum, due to the growth of domestic market consumption, which partly offset the influence of the slowdown in investment and exports of the industry.

It is expected that the expiration of China-EU textile agreement will not create a serious disorder in exports. Export of some top products is bound to fluctuate. However, export value of limited products under Sino-EU agreement only amounts to less than 3 percent of China’s total exports, and about 18 percent of China total exports the EU, so it will not affect the overall export order.

The main focus of textile industry has gradually shifted from product competition on labor comparative advantage to the competition based on scientific and technological innovation as well as brand creation. It is also the focus of development direction of China's textile industry in the future.
 
 
Fibre2fashion, News Desk - China