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Textile sector to become global sourcing destination
31
Aug '09
Comparatively speaking, China is bound to be a future engine of world economic growth and there are two indicators worthy of attention, which speak of whether a country has potential of economic growth in the future.

The first is political stability and second is demographic factors. The future of China as far as politically stability is concerned is assured, as the economic growth witnessed in previous years, is more so to do with stability, than anything else.

On question of demographic factors, the core factor which stimulates an economy is consumption, age and income of consumers. The average age of China's main consuming section is between 30-40 years.

Against this, the range of main consumers in Europe and the United States is between 45-55 years. The age group between 30-40 is supposed to be key spenders, while those between 45-55 are expected to be reserved while spending, which gives China an advantage.

Currently all countries in the world are stimulating domestic demand and consumer goods markets, but no matter how they carry out stimulation measures, first of all, it will rely on potential growth of these countries in the future.

In Europe, older people are much more than young people, birth rate in many countries is lower than mortality rate, while China is the country with the best economic performance among the BRIC countries.

As long as incomes are growing, China's domestic market will undergo economic transformation and change from the world's factory to a consumer power.

China's market is also projected to become an epicenter in textiles and clothing. But, to develop a stronger base, the companies will also have to strengthen their domestic markets, which will make it easier for them to access overseas markets.

Chinese textile and garment companies are also acquiring overseas companies at a healthy pace, but successful integration of operations remains a challenge, due to the cultural differences.

Fibre2fashion News Desk - China

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