The textile industry has always been a traditional pillar industry of China's national economy and an important livelihood industry, it is also an industry with clear advantage in international competitiveness and has played a major role in expanding exports, creating jobs, increasing income of farmers and promoting urbanization.
Since late last year, China's textile industry has encountered unprecedented difficulties created by the international financial crisis. In this regard, the Chinese government in order to help the textile and clothing sector to face the impact of the crisis, raised export tax rebate rate four times from 11 percent to 16 percent.
In April of this year, the State Council promulgated the "Structure and revitalization plan of textile industry”. The industry has achieved noticeable results, as its major economic indicators have steadily increased in production growth, fixed asset investment, efficiency of the sector.
In October, added value of textile industry increased by 11.8 percent, an acceleration of 2.2 percentage points from the previous month, export delivery value gained by 0.1 percent, achieving a positive growth for the first time in 11 months since the end of last year. In November, added value of textile industry promoted by 11.2 percent.
In the process of responding to the international financial crisis, China's textile industry is committed to transformation and upgrading, making efforts to maintain growth and structural adjustment, these efforts and measures have laid a solid foundation for the industry to achieve the shift from being a large textile country into a great textile power.
Fibre2fashion News Desk - India
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