China's textile industry fell to the bottom in February this year, due to the outbreak of the financial crisis. March onwards, various economic indicators bottomed up and stabilized month by month.
Entering the second half of 2009, it came to be known by many as the "post-crisis" era. Industry experts and entrepreneurs hold the same view that, the most difficult time has basically passed, although textile economic recovery is yet to be consolidated.
In a speech delivered in February this year, President of China Textile Industry Association Mr. Yu Zhou said, “Production growth rate of 51,000 big and major enterprises was just 2.63 percent and total profits declined 10.01 percent.”
He added by saying that, “25 percent of the enterprises were in the red, investment in fixed assets fell 6 percent from the same period of the previous year and exports of the whole industry fell 14.78 percent”.
The Chinese government on its part had started announcing a slew of policy measures beginning from the fourth quarter of 2008, which began to show its effects, March 2009 onwards.
In September, production growth rebounded to 8.04 percent, export decline narrowed to a negative 11.11 percent, domestic output growth rebounded from 6.6 percent to 11.67 percent. September export value was 0.18 percentage points higher compared with the same period last year.
Investment in fixed assets rebounded from a negative 6 percent to 6.55 percent and loss-making enterprises reduced from 25 percent to 20 percent.
Although current recovery still faces many uncertainties, growth rate still has a wide gap compared with previous years, the confidence of the entire industry has greatly enhanced in promoting industry-wide adjustment for revitalization.
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