Textile industry has made great contribution to the development of national economy. At present, the output value of textile industry in GDP share is up to 10 percent. Meanwhile the development of textile industry has also increased urban income and employment. The industry has played a very big role in the transfer of rural labor farmers, adding up farmers' gains, and expanding the space for cotton development.
But now textile industry is facing severe difficulties.
First, raw materials costs are higher. Cotton prices of neighboring countries, such as India, Pakistan and Turkey, basically meet international cotton market, lower than cotton price in China.
Moreover, due to China's cotton import quota system and higher tariffs, there is a big difference between local price and international price. China's textile enterprises have to burden heavier pressures from raw materials costs.
Second, labor costs are rising. Along with economic development and improved labor quality, China's labor costs are much higher than other competing countries.
Finally, China's textile industry is facing a number of other adverse factors, such as RMB revaluation, heavier tax burden, import restrictions by Europe and the US, and increasingly fierce competition from foreign countries.
Fibre2fashion, News Desk - China
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