“The textile industry has become an important industry with fairly tangible competitiveness in the international market, due to industrial restructuring and upgrading,” the report said, adding that apparel exports reached US$116 billion in 2005, up 118.9 percent from five years ago .Major textile enterprises posted 485.6 billion yuan (US$60.7 billion) in added value in 2005, up 119.1 percent. These enterprises also reported doubled profits in the 2001-2005 period despite increasing trade disputes, oil price hikes and RMB revaluation .More than 19 million people were employed by textile firms, and over 70 percent of the employees came from rural areas, the report said .The report said the textile industry gave an impetus to the development of agriculture, animal husbandry, petro-chemical industry as well as commerce and trade .Source: Chinadaily.com.cn .”
Date:2/4/2006
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