Technology puts textile industry into black
RESTRUCTURING and technological renovation turned around China's textile industry last year, transforming a one billion yuan (about HK$900 million) loss in 1993 into a 1.6 billion yuan profit, a report said yesterday.
Textile exports surged more than 30 per cent, with the rising price of yarn on the world market pushing up the export value, the China Daily quoted Wu Wenying, chairman of the China National Textile Council (CNTC), as saying.
Ms Wu attributed the turnaround to a drastic streamlining programme that has seen a major cotton producer like northeastern Shandong province cut 2.4 million obsolete spindles in the past three years.
The CNTC envisages another further reduction of 10 million cotton spindles nationwide in the coming years.
Last year, the government arranged 214 technology renovation projects with a total investment value of 5.75 billion yuan to push the production of high value-added goods.