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Liaoning's Deficit-ridden Textile Industry Makes Profits
The gross industrial output of the textile sector of Liaoning Province, China's largest industrial base, increased by 17.5 percent to reach 4.02 billion yuan (over US$ 484 million) in the first half of this year.
Eleven textile enterprises among the 15 most-indebted ones have reduced their deficits by 11.17 million yuan (about US$ 1.35 million).
The economic momentum sustained last year's recovery, which showed profits totaling 21 million yuan, following nine straight years of losses in the sector.
The Liaoning Economic and Trade Committee attributed the recovery of the chronic low-efficiency industry to overall capital recombination and structural readjustment. A total of six large enterprise groups have become the mainstay of the local textile economy since deficit-ridden cotton textile plants with a total of 439,000 spindles were closed down during the past two years.
A total of 120 million yuan (about US$ 14.5 million) has been allocated by the provincial government this year to set up 11 hi-tech textile projects. Moreover, local textile enterprises have introduced US$ 17.32 million of contractual foreign investment in the first six months of this year, up 30 percent over the same period of last year.
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