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Value-added output of Chinese textile majors to grow
23
Jan '12
Leading textile firms in China are likely to see a growth of 8 percent in their production of value-added items over the next four years, according to the Ministry of Industry and Information Technology.

As per the development plan for the domestic textile industry published by the Ministry during the duration of the 12th Five Year Plan (2011-2015), textile industry exports are likely to grow at an annual rate of 7.5 percent to touch US$ 300 billion by 2015.

The plan also stated that the textile sector would hire around 20 million workers by 2015, while per unit power consumption for value-added items is likely to witness a 20 percent drop from 2010 figures.

The Government of China will persuade the textile industry to improve their brand-building and by 2015, it looks forward to set up around five to 10 global level textile firms and at least 50 firms earning annual revenues of over 10 billion Yuan.

Though positive on most of the fronts, the plan even cautions regarding the challenges confronting the country's textile industry, including that of fluctuations in prices of raw materials, increasing costs of production and a complex global business environment.

The guidelines stressed that the domestic textile industry should come out with innovative products and explore new markets so as to ensure healthy growth in the coming years.

Fibre2fashion News Desk - China

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