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WTO Entry Both Chance, Challenge: Textile OfficialChina's accession to the World Trade Organization (WTO) will bring about both opportunities and challenges to the country's textile industry, Deputy Director of the State Administration of Textile Industry (SATI) Wang Tiankai said on March 31 in Beijing.He told a press conference sponsored by the Information Office of the State Council that as the largest producer and exporter of textiles and garments in the world, China boasts international competitiveness in terms of labor costs, resources, and manufacturing facilities. However, he noted that China's textile industry also has some disadvantages in international competition, including crucial weaknesses in product mix, management, and enterprise operational systems. He said the textile industry will focus on developing the market in western China this year. Over the past two years, China's textile industry has slashed redundant production capacity by abolishing 9.06 million cotton weaving spindles and diverting and employing 1.16 million laid-off workers. The industry achieved a net profit of 800 million yuan in 1999, ending a five-year streak of operating in the red.
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