Starting this year, the textile industry in China has gradually returned to its normal growth from high speed development in the economy due to the constant increase in the value of RMB, rise in costs and the strengthened macro economic control after the entry in the WTO.
Experts believe that this sudden shoot up in the economy will cause trouble. Now, the textile and clothing industry will experience a complete transition and a group of medium and small size enterprises will probably go out of business unable to sustain the pressure.
In November this year, only 15 industries out of 39 have experienced a growth rate lower than the national average level, in which PET, Textiles, Garments, Shoes and Hats are listed. The rise rate of textiles, Garments, Shoes and hats are obviously slower.
The textile industry has developed 1.5 percent slower than that at the beginning of the year and the garment, shoe and hat industries have grown 1.95 percent slower than that of the beginning of the year with an increase of 16.3 percent.
According to professionals, although the growth process in the textile industry has completely changed, it is visible after nearly one year of the implementation of macro economic control.
Fibre2fashion News Desk - China
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