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Economy gains impetus, but textile sector lags behind
Mar '09
Despite the fact that, financial crisis has weakened external demand, China's economic fundamentals seem to not have been affected to a great extent. According to a recently published data, Chinese economy has begun to warm up gradually from December; last year onwards and has begun to show gradually warming due to a series of economic stimulus measures.

In January 2009, China's manufacturing Purchasing Managers Index (PMI) rose by 4.1 percentage points from the previous month to 45.3 percent. Although the PMI has still not reached 50 percent mark, the cut off mark between bad and good fundamentals, the four percent growth reflects that the worst period may be over and the economy may have bottomed out.

The consumer price index (CPI) rose 1.0 percent in January, which had declined consecutively for the last nine months, though the drop in those nine months, was not so large, which again, reflects the momentum the economy has picked up, once more. Experts attribute this momentum in economic fundamentals to some micro and macro control policies.

However, the impetus received by the economy is not reflected in the textile sector. Among 20 industries which make up the PMI, the PMI of the textile industry was the lowest; less than 30 percent, out of which from amongst the textile sub-categories, new order index, new export orders index and production index were less than 20 percent, while employment index was below 50 percent.

Such a low PMI index of the textile industry means the sector has not been able to witness the thrust that the sectors are experiencing and experts predict dark and cloudy days for the next few months. They aver by saying that, market trends of 2009, will be fully dependent on new orders received in March 2009, a month, which they say will tilt the sector either ways in 2009.

Fibre2fashion News Desk - China

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