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| Textile Industry Expects 6% Growth |
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China's textile industry output value is expected to reach six trillion yuan (US$750 billion) by 2010, according to the industry's development program for the next five years. Under the program, published on Wednesday by the National Development and Reform Commission (NDRC), the textile industry's fibre processing volume should grow on average six percent annually to reach 36 million tons by the year 2010. Sales are expected to rise an average 12.7 percent annually to hit six trillion yuan, while garment exports should hit US$18 million. The development program for 2006 to 2010 forecasts China's fibre output to grow by eight percent annually, rising from 16.29 million tons in 2005 to 24 million tons in 2010. Cotton yarn output is expected to grow five percent on average to reach 18.5 million tons from 14.4 million tons last year. It recommends the sector should adapt to the floating foreign exchange rate system adopted last July "as soon as possible", adjust industrial structure and improve management. As the world's largest producer and exporter of textiles and clothing, China exported textiles worth US$95.1 billion in 2004, making 16 percent of the world total. (Xinhua News Agency June 29, 2006) |
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