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Textiles Administration Establishes Internet Company
The State Administration of the Textiles Industry (SATI) established an Internet company in Beijing Tuesday.
From Tuesday, the China Textile Economic Information network, established by the Information Center under the Administration in 1997, began to run as an enterprise.
"This is a significant step to transform the traditional textile industry by utilizing information technologies to promote industry upgrading," said Du Yuzhou, SATI director.
The new Internet company, with a total investment of 50 million yuan, was jointly established by the Information Center of SATI and the Shenzhen-based textile giant Union Developing Group.
Based on the original network, the company will open new pages on the Internet both in Chinese and English, with news focusing on textile market trends, new products, imports and exports, supply and demand information as well as the latest figures on textile development.
The new company will practice the modern enterprise system and provide consultation services for state macro-economic and industrial policy makers.
The long-term development goal of the company is to build the network into the biggest and most authoritative textile information and service provider in the next few years.
By developing B2B electronic commerce, the new company expects to expand its investment to 100 million yuan by the end of this year, according to Wei Fuyuan, deputy director of the Information Center.
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