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Textile Network Set up
The penetration of Internet-based information technologies into China's textile industry will serve to propel the development and restructuring of the sector, a senior official said Tuesday.
"It is inevitable for the industry to introduce networking to enhance its efficiency," said Du Yuzhou, head of the State Textile Industry Bureau.
With China's impending entry into the World Trade Organization, the textile industry should lose no time in sharpening its competitiveness, said Du at a signing ceremony for the inauguration of the China Textile Network Corporation.
The company, with a total investment of 50 million yuan (US$6 million), was developed by the China Textile Economic Information Center (CTEIC) and Shenzhen-based Huizhong Shareholding Company.
The network will focus on providing textile-related information and services.
"It is a win-win situation for us to lower our production costs and enhance our efficiency," said Wei Fuyuan, deputy director of the CTEIC.
According to Wei, the company will be based on the China Textile Economic Information Network, established by the CTEIC in 1997, the first professional textile website.
The company will concentrate on three profit-making factors including on-line advertising, value-added services and e-commerce. In the initial stage, the network will focus on textile material and garments and all business transactions will rely on customer demand, Wei explained.
"We will dedicate more to business-to-business in the future," he said.
In another development, the new company has joined hands with the China Textile Industry Association (CTIA) and 20 textile-related sub-associations under CTIA such as garment, chemical fibre, silk and textile equipment, Wei said.
"That enables us to become one of the largest and best textile-oriented network companies," he said.
Hu Yongfeng, deputy chairman of Shezhen Huizhong Shareholding Company, said the establishment of the network company will further enhance its vitality in global markets.
"With the introduction of the network, we are likely to form a new operation system with regard to the textile industry's production, consumption, purchase and material distribution," he said.
Established in 1985, Shenzhen Huizhong Shareholding Company, controlled by the Union Development Group of China, focuses on the textile industry and was listed in 1994.
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