A decade has passed since China entered the WTO. How did this decision
alter the textile industry of the dragon nation?
entered the WTO on 11th December 2011. A decade has passed away,
during which the country's textile sector has gone through a rapid
transformation. Though the ten year period had been a roller coaster ride for
the nation, its textile sector had been able to make maximum utilization of the
opportunities. Modifying its industrial structure, the country has established
itself strongly in the global market. The dragon nation has also been proactive
in handling various legal issues. Thus it has transformed into a global
powerhouse for textile and apparels.
textile and garment industry has gone through a drastic growth during the past
years. The country accounts for 40% of the total fibre output of the world. It
also takes the lead in the manufacture of chemical fibres, yarns and garments. The
country's state owned enterprises have been renewed, and its infrastructure was
modified. Integrating its composition into the global economy, Chinese textile
industry has achieved remarkable success during the past years.
2001, China invested RMB 43 billion in their textile sector. This witnessed a
drastic increase of RMB 403.7 billion in 2010, exhibiting a growth rate of more
than 8%. China's entry into the WTO has created a much favorable atmosphere
for the country's textile and apparel export sector. Evidently, its exports
rose from USD 54.3 billion during 2001 to reach USD 212 billion in 2010. The
global market share of China's textile and apparel exports during 2010 was 33%.
11th & 12th Five Year Plan:
11th Five Year Plan (2006-2011) had created significant results in
bringing the concept of harmonious society. The plan accelerated China's
textile sector performance, making it the second largest economy in the world.
passed the 12th Five Year Plan on March 14th, 2011,
mainly addressing the inequalities, and creating options for a more sustainable
environment, equal distribution of wealth, increase domestic consumption, and
enhancing social infrastructure. The 12th Five Year Plan proposes a
Technical Progress Outline for textile industries with an intention to make
China; take over the global textile industry by 2020. These five years would be
crucial for China to intensify industrial restructuring and upgrading. It would
ultimately speed up the growth of textile industries, making China a dominating
player in the global textile and apparel market.
is chalking plans to focus more on recycling textiles, to save energy, and also
work on environmental concerns. Global textile industry is predicted to have a
growth rate of 6.5%. This eco concern of China would create a favorable
environment in China's textile industry, and gain a profitable access for the
country in the worldwide market.