China's textile industry will slowdown expansion of production
capacity, but boost upgrading of existing facilities and products
in 2007, according to the China Textile Industry Association.
Du Yuzhou, chairman of the association, said the shift aims to
ease international pressure over Chinese textile products flooding
the global markets.
However, he said that exports would continue to rise despite the
rising value of the yuan and a reduction in export rebates.
"It is high time we adjusted our growth pattern," said Du.
"Innovation is the key. Manufacturers should update their
technologies and develop profitable brands," he said.
China experienced growing friction over its textile trade last
year as trading partners from Europe and America imposed import
quotas to contain the influx of cheap textile products from
China.
According to China's General Administration of Customs, the
country's textile exports amounted to US$4 billion in January, up
11.6 percent year-on-year.
The sector generated an aggregate output of 2.5 trillion yuan
(about US$329 billion) and 88.3 billion yuan (about US$11.62
billion) in combined profits last year.
Du projected a 20-percent rise in industry revenue and profits
this year.
(Xinhua News Agency March 3, 2007)