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South China Silk Group Restructures for WTO Entry
The Guangdong Provincial Silk Group said Friday it will restructure its 85 factories to increase its imports and exports value to one billion US dollars over the next five years.
The silk group, the second largest one of its kind in the country, earned 567 million US dollars in exports and imports last year. Annual growth rate remained 32.5 percent in its 18 years of operation.
The group is also among the 500 Chinese companies with the largest foreign trade transaction volume.
By restructuring, the Group will transform its 85 State-owned factories into share holding companies, merge or close down loss making factories and prepare for the changes as China becomes a WTO member.
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