(United States Of America)
The Chinese textile industry as a whole needs to upgrade completely, said participants at the China Cotton and Textile Industry Development Forum held in New York.
China has witnessed rapid economic development over the last 30 years, which has improved people’s standard of living, said Lei Zhaohui, deputy general manager of Hebei Shengyuan Textile Co. Ltd.
As a result, Chinese textile enterprises are facing problems of high labour costs, while the costs of raw material and energy have also significantly increased during the period, he added.
According to Lei, China’s textile industry needs substantial upgradation at this juncture. First, the textile enterprises need to adjust their product structure by switching from manufacturing of low value-added products to high value-added products.
Second, there is need to improve the level of refinement, especially by enhancing managerial and technical capabilities.
Third, there is a need to integrate the complete textile industrial chain by establishing close ties between the upstream and downstream, from raw material like cotton to the final brand, as well as from R&D to sales. There should be strategic cooperative relations throughout the entire textile and garment value chain.
Lastly, there should be active expansion in the field of marketing. Textiles and garments need to be produced and marketed for medical, construction and industrial sectors, besides the conventional ones. The industries should also focus on aerospace and other strategic emerging industries, where textile fibre applications are widely used and it can give a new impetus and support to the Chinese textile industry.
Speaking at the Forum, China National Cotton Reserves Corporation (CNCRC) official Liu Hua said since China’s accession to the World Trade Organization (WTO), the domestic textile industry has developed rapidly.
Liu added that rapid expansion of textile production capacity meant increased demand for cotton.
However, owing to China’s cotton purchase and storage policy implemented for the past two years, there is big price difference between domestic cotton and international cotton.
In the given scenario, Chinese textile enterprises need to speed up the pace of technological innovation, and undertake overall restructuring and upgradation.
The Forum was jointly organized by CNCRC and Intercontinental Exchange.
(United States Of America)
Middle East News
- Media Information: Autefa Solutions announces new agency for the Indian market
- Denimsandjeans India to discuss trend of unisex denim
- RBI keeps repo rate unchanged at 6%
- Maharashtra cabinet approves textile policy for 2018-23
- UAE has the lowest VAT regionally and globally
- Costs rise at sharpest pace for UAE’s private sector businesses
- Budget 2018-19: Customs duty on silk fabric hiked to 20%
- Reduction in tax for MSMEs to benefit TN textile firms
- Budget: TEA hails Rs 7148cr allocation for textile sector
- Indian textile industry hails budget with some scepticism
- Arvind Q3 revenue up 16% at Rs 2,706 crore
- Amazon infuses 1,950 cr fresh capital to India operations
- Indian brand Ekaya at Paris Haute Couture Week
- E-commerce platform for artisans in India's Kashmir
- SRTEPC honours RIL with 5 gold trophies
- Indian economy to grow at 7.3% in FY 2018-19: World Bank
- Wazir Advisors Introduction
- 10 Reasons to Invest in Textile Sector in India
- India’s Standing in Global Textile and Apparel Industry
- India: A Land of Opportunities
- Patterns, images and colors demanded in the Iranian carper markets
- CE certificate or sign on the carpet; Indicator of product quality or inaudible imprint of international clarification
- The classification of textile floorings In terms of fire-taking behavior according to the provisions of European Union
- Remain unknown the place of modern carpet design