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T&C sector dependent on low-cost competition

12
Oct '09
In the past 30 years, China's textile and garment industry has achieved a rapid development, both in production capacity and export scale and ranks the first in the world, but in the process has created increasing dependence on external markets.

But overall, China's textile and garment industry still relies on low-price competition from other competing countries, but its main business model is still at the primary stage of "Original Equipment Manufacturing” and also lags far behind the developed countries.

The 2008 financial crisis, led to a growth decline in China's textile and garment exports in last few months of 2008 and first seven months of 2009, as well as drop in exports from January to July of 2009.

But as experts suggest, export growth cannot indefinitely hold on and growth and de-growth are normal phenomenon and the main issue is whether industries are ready to look for opportunities from the crisis and whether they can take advantage of this "intermission" time to root out lacunae and problems within the industry.

They should also strengthen structural adjustment and industrial upgrade, in order to seize initiative in "post-crisis” period, so that China's textile and garment industry can achieve new breakthroughs in the future, they advise further.

Fibre2fashion News Desk - China


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