Home / Knowledge / News / Textiles / PRC textile firms bank on BRI for growth: CNTAC president

PRC textile firms bank on BRI for growth: CNTAC president

11
Jan '20
Pic: Shutterstock
Pic: Shutterstock
China's textile industry, which provides jobs to over 27.15 million in both production and sales, will tap more growth seams in economies related to the Belt and Road Initiative (BRI) and improve innovation capabilities of garment manufacturers to stay competitive this year, according to Sun Ruizhe, president of the China National Textile and Apparel Council (CNTAC).

China's textile industry must accelerate the adjustment of products, capacity and trade structure to better integrate regional development in the next stage as participating countries are expected to sign the Regional Comprehensive Economic Partnership (RCEP) this year, Sun said.

"The simplification and unification of rules will boost resource flows within the region, and cut transaction costs and risks," he said, adding the RCEP will further enrich regional cooperative content in areas such as digital economy and intellectual property protection, paving the way for future cooperation among industries across the mega trade bloc, according to a report in a Chinese newspaper.

The rise of emerging markets such as Vietnam, India and Bangladesh has also changed the division pattern of labour and trade in the global textile business, he said.

The country’s textile and apparel exports dropped by 2.2 per cent year on year to $232.31 billion between January and October last year because of weak demand from developed markets and the rise of protectionism, data from Beijing-based CNTAC show.

In the meantime, China's textile and apparel shipments to the United States, the European Union and Japan fell by 4.5 per cent, 5 per cent and 5.5 per cent year on year respectively, while its total exports to countries and regions participating in the BRI grew by 1.3 per cent, and exports to Africa jumped by 6.6 per cent from the same period a year earlier.

To improve the product value and tackle climate change, Sun said green textile products have already become the new trend in the textile industry.

Since the fourth industrial revolution is still in its infancy and many technical applications are immature, Sun said the instability of certain new technologies can lead to higher initial investments and trial costs.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 23rd Jan 2020

Myanmar garment firms to conduct survey on minimum wage

Myanmar's garment manufacturers will conduct a survey to find out if...

Pic: Dhvani

Apparel/Garments | On 23rd Jan 2020

Dhvani unveils Terra, to plant tree for each deal

Dhvani, the Activ(ist)Wear brand, has unveiled its sustainable Terra...

Pic: Epson

Textiles | On 23rd Jan 2020

Epson launches SureColor F3070 direct-to-garment printer

Epson recently launched its first industrial direct-to-garment...

Interviews View All

Amardeep Singh, Orient Craft

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

N Nithyanandan,

N Nithyanandan

Incorporated in 1999, Purani Textiless Private Limited is one of the...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Mirella Sardini,

Mirella Sardini

A leading manufacturer of automated machinery and equipment for the...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search