Xinjiang Textile Industry Plans to Invite Investment of CNY 4.8 Billion

The textile industry in Xinjiang Uygur Autonomous Region plans to invite CNY 4.8 billion of investment through merchandizing.

It is reported that the textile industry in Xinjiang will give special support to projects relating to cotton textile, printing, dyeing and finishing, knitting (including hosiery), garment (including accessories), home-textiles and hand-crafted carpet.

Responsible person from local administration office of textile industry said, since Xinjiang has rich cotton resources, cotton textile sector and chemical fiber sector play leading role in local textile industry. Both production equipment and product quality have been improved year by year, regional distribution gradually optimized and become more and more centralized. However, these sectors still have disadvantages such as short industry chain, poor ability to combat with risks on market, narrow capital channel, difficult to get loans, unstable working force and shortage of professional talents.

But meantime, the increasing demand on domestic market, government´s supporting policies to Xinjiang and the westward movement of textile industry offer great opportunities to the development of local textile industry.

According to the recently-released five-year development program of Xinjiang textile industry, Xinjiang will support textile enterprises to set up vertically-integrated production chain from cotton processing to textile production and down to downstream processing through acquisition, reorganization and share-holding; it will encourage textile enterprise from the eastern part of China to build downstream processing bases in Xinjiang, open up the Middle Asian and European markets. In the next five years (2011-2015), Xinjiang will set up the most influential cotton textile production base in western part of China and a textiles and garment trading and logistics center with complete functions.