The warp loom industry of Haining city in Zhejiang Province, which is thought to be the biggest profit earner, registered poor growth this year with profits totaling a mere five percent.
Haining city has 295 warp loom production enterprises which are striving to develop new and high-technique materials.
In order to encourage these warp loom enterprises, the local government has decided to give a bonus of 3 million yuan to those companies which have been listed on the stock exchange. A special education fund will also be allocated.
The Government, in collaboration with China Textile Industry Association, has also set up a textile research and development base in Haining which will spread across 1000 mu.
This will increase the production value of the local warp loom industry to more than 20 billion yuan by 2010.
Fibre2fashion News Desk - China
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