Xinjiang textile enterprises raise 10.4 bn yuan

10 Aug '16

2 min read

Fifteen textile and garment enterprises from the Xinjiang Uygur Autonomous Region in China have signed agreements with 14 financial institutions to raise 10.4 billion yuan.

The amount was raised during the third match-making meeting held between financial institutions and textile and apparel enterprises from the province.

In 2014, 3.2 billion yuan was lent by financial institutions to textile enterprises in the province following a match-making meeting. Last year, the amount raised was 4.6 billion yuan.

In 2015, a total of 382 new textile and garment enterprises were set up in Xinjiang, creating 97,000 new jobs. These enterprises together added 3.46 million cotton spindles and a new apparel production capacity of 90.52 million pieces. The total profit earned by large-scale textile enterprises was 1.46 billion, about 1.6 times the profit earned in 2014. Likewise, the value-added tax payable nearly doubled from 2014 amount to 567 million yuan.

Since the beginning of this year, there has been fast growth in credit taken by the local textile and clothing industry. In first quarter of 2016, the credit amount raised by these enterprises witnessed a 103.3 per cent growth over the corresponding period of last year. (RKS)

Fibre2Fashion News Desk – China

More Textiles News - China...