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Majority of textile entrepreneurs confident of recovery in 2009
Apr '09
According to a recent survey among a number of textile enterprises in Zhejiang, Jiangsu and Shandong, the industry agrees that it will be the most difficult days of the textile industry in the first half of 2009.

About 50 percent of Chinese textile entrepreneurs believe that the textile industry should see signs of recovery in the second half of 2009 or in the first half of 2010, but the industry recognizes that current financial crisis has not yet bottomed out.

About 30 percent of entrepreneurs believe that there should be recovery in the second half of 2010.

About 10 percent of entrepreneurs believe that the industry will see signs of improvement only in the first half of 2011. Only less than 10 percent of people believe it be possible to see the dawn in the second half of 2011.

In the survey, none of the entrepreneurs in the industry set the time of recovery after 2012, but they recognize and aver that the current financial crisis has not yet bottomed out.

Analysis of some scholar's points out that dependence of Chinese textile industry on international market is very high and the industry should speed up structural adjustment to deal with the financial crisis.

Many small and medium-sized textile enterprises in Pearl River Delta and Yangtze River Delta are experiencing difficult times and the biggest pressure on these enterprises is lack of funds to run their companies.

The Ministry of Commerce said, China's goal for imports and exports in 2009 is that export growth should not be less than the level of GDP growth, but there is possibility for export growth to slip by 20 percent.

Fibre2fashion News Desk - India

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