Textile result is big surprise
17/04/2009
China's gross domestic product (GDP) is still growing, but the rate of growth for the first quarter of 2009 was the lowest in almost a decade at 6.1%.
Nevertheless, according to the country's National Bureau of Statistics, China’s textile industry has defied all expectations by increasing its profits by 15.6% in January and February, especially as, over the two-month period, exports declined by 14.5 %.
Amid losses on the stock markets in Hong Kong and Shanghai on the basis of disappointing results from Chinese firms in general, the largest domestic sports clothing and footwear brand, Li Ning, saw the value of its shares increase by 11.4% in the days following the GDP growth announcement.
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