As a representative of China traditional industry, textile industry has also undergone sharp plunges in economic efficiency due to unfavorable environments and changes both in international & domestic markets in the past few years. Loss incurred in many textile enterprises and export competitiveness of the whole industry was greatly affected.
In recent years, with the industrial adjustment in structure and management, China textile industry has made distinctive achievement.
The output of main products is still ranked the first in the world and the export of the whole industry is still far ahead of other industries. In 1999, the export of textile and clothing began to recover from the after-math of the financial crisis in Southeast Asia. The domestic market became prosperous again and the reform in state-owned enterprises made significant headway. Along with China?s fastened step toward the entry of WTO, China textile industry is marching toward a brand new development period.
Under the trend of economic globalization and trade liberalization, China textile industry faces severe challenges from opening market and fierce competition. After the entry into WTO, China will find itself in a more cruel battle ground with other big textile exporters in the pursuit of larger market share. Meanwhile, the liberalization in trading will lead to a more fiercer competition among domestic textile enterprises. Based on authoritative documents and latest statistics, this report intends to make an analysis and overview on the development status and prospects of China textile industry.