The State Economic and Trade Commission (SETC) announced Tuesday that China's textile industry reversed its downward trend in the first half of this year, in both its exports and domestic consumption.
In the first five months, the textile industry made profits of 9.53 billion yuan (about 1.15 billion US dollars), up seven percent from the same period last year.
It is predicted that the total profits for the first half year could reach 12.5 billion yuan (about 1.51 billion dollars), up 10 percent.
Zhang Li, an official with the SETC, said that the improvement in efficiency of the textile industry results from the opportunities brought by China's entry into the World Trade Organization and the steady growth of domestic garment market.
In the first half of this year China's textile exports reached 26.25 billion U.S. dollars, up 6.8 percent on the same period lastyear, while the domestic retail volume increased about 10 percent in constant terms.
Zhang predicts that in the second half of the year the textile industry will continue its growth momentum and prices will remain stable. The industry's output for the whole year will increase by 14 percent; exports will exceed 57 billion dollars, up seven percent; and profits will reach 28.5 billion yuan (about 3.45 billion dollars), up five percent.
(Xinhua News Agency July 17, 2002)