Textile Industrial Production up 21.9% in 2007   

By Lily Wang   

China's textile industrial production in 2007 is expected to reach RMB3.05 trillion, a year-on-year increase of 21.9%. China National Textile and Apparel Council (CNTAC) reported on December 27th, 2007.
    The large scale textile enterprises (those with annual sales exceeding RMB5 million) were expected to achieve totally profits of RMB115.2 billion, a year-on-year increase of 32.0%. The export value for Chinese textile industry would reach RMB177.2 billion, a year-on-year increase of 20.1% while the import value would be RMB18.9 billion, up 4.4%.
    With the ongoing appreciation of RMB with respect to US dollars and the reduction of textile export rebate rate as well the surging prices of oil and wool in the international market, the low-cost edge for Chinese textile products was gradually weakening. The report says.
    In 2007 the textile operators made continuous efforts to develop domestic and overseas markets. The domestic growing demand for textiles drove greatly the growth of textile industry. In addition, the developing countries in Asia and Africa had become a major engine for 2007 export growing.
    The technological innovation and industrial upgrading counteracted tremendously the adverse impact of rising costs, according to an executive of CNTAC.
    An insider forecasts the textile growth for 2008 would be smooth, remaining the present level, and the exports growth for 2008 would be approximately 15%.