China aims for 10% annual textile growth
27/04/2009
China’s central government has urged textile producers to merge, innovate and export more, as part of a strategy to strengthen the competitiveness of domestic producers. The government made the statement in announcing a stimulus plan for the textile industry.
The government said it expected the domestic Chinese textile market to have a value of $175 billion by 2011 and to achieve an annual growth rate of 10%. It said it wanted textile exports to rise by 8% year on year and to reach $240 billion by 2011.
“The country’s textile industry still has large market space and we must stabilise international market-share and stimulate domestic demand through innovation, technology upgrades and industrial restructure,” the government said in a statement.
The central government promised further increases in export tax rebates and said it would explore new emerging markets. It also encouraged textile makers to invest overseas and acquire shares in overseas companies to boost China’s position in the global market.
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