Economic boom to favor textiles

16 Mar '07

2 min read

Experts predict, China's economy will continue to grow steadily in 2007, but growth rate will be slightly declined. It is expected to continuously provide strong market demand for three textile sections (production of clothing, decoration and industry).

Meanwhile, full implementation of government policy to reduce tax burden on farmers, increase incomes of urban residents, as well as a moderate financial and monetary policy taken by the state, it will effectively guarantee a stable, healthy development of the national economy. It will also promote a faster growth of domestic textile market.

Domestic demand continues to maintain steady growth. The state has clearly pronounced the policy that expanding domestic demand is an obvious task of macroeconomic regulation in 2007.

Therefore domestic consumer market will grow steadily, consumption level of clothing, industrial textiles will rise. It will provide a good external environment for the development of textile industry.

The continuation of global economic prosperity creates more opportunities for China's textile exports.

International organizations generally believe that world economy will continue its prosperity in 2007.

In mid-September 2006,IMF increased the growth rate of world economy in 2007 by 0.25 percentage to 4.9 percent, taking into account of some factors, such as inflationary pressures would be contained, domestic demand growth of developed countries would be more balanced, global financial markets would be more stable and other factors.

Economic growth in developed countries will directly stimulate the growth in consumption and trade that will bring more opportunities to China's textile exports.

Fibre2fashion, News Desk - China

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