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Overall Recovery for Textile Industry
China's textile industry saw an overall recovery in the first ten months this year, earning a profit of 22.8 billion yuan (about US$2.8 billion), an increase of 170 percent from the corresponding period last year.
State-owned textile enterprises, which had been in the red for six consecutive years and started to earn profit last year, reported a profit of 4.85 billion yuan (about US$584 million), sources from the State Administration of Textile Industry said Thursday.
Boosted by a recovery of the world market and the government's policies to encourage export, China's textile and garments export hit US$43.9 billion during the same period, exceeding the total of exports in 1999.
However, industry experts pointed out the lack of value-added textile products and design ability will hamper the sector's growth and increase in exports in the long run, and a modern enterprise system with efficient management is needed for most textile enterprises, state-owned enterprises in particular.
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