China's textile industry has bid farewell to low-cost era

The output value of China's textile enterprises (above designated size) will exceed 4 trillion Yuan in 2010, exports are expected to surpass US $200 billion, profits are expected to exceed 200 billion Yuan, profit growth is expected to reach 40 percent, according to preliminary estimates.

In face of the unprecedented results, the industry does not show any ecstasy, because there are a lot of real worries behind this high growth. Industry sources say that the hard constraint of energy saving, growth in labor costs and abnormal events in price fluctuations of cotton, chemical fiber and other raw materials in 2010 tell that the rise in raw materials and labor price is a foregone conclusion, China's textile industry has bid farewell to the low-cost era.

China's textile industry must seize the advantage of coming new consumer era and urbanization to speed up industrial upgrading and diversification of consumption, as well as to promote innovation development of China's textile industry.