Is The Global Downturn Hobbling The Chinese Textile Capital?

March 5th, New York Times, February 28th: the global downturn makes China's textile capital hobble.

This is a city created by globalization.

The factories here are closing down, leaving thousands of workers in trouble.

Other factories are worried about the increasing debt and the prospect of future bankruptcy.

Qian Jin, an expert in textile industry, said that Chinese textile companies suddenly fell into the "struggle for survival".

Last December, Beijing warned that 2/3's textile factories and garment factories would go bankrupt.

Yang Baolin, President of Shaoxing seven color rainbow knitting company, said: "in the past few months, the number of orders has decreased by 1/3.

All export companies are facing difficulties. "

Few other industries, such as textile and garment industry, are crucial to China's economy.

The industry is worth 450 billion US dollars and represents China's Global trade strength and development model.

Today, the textile and garment industry employs about 20000000 workers, most of whom are migrant workers from poor Chinese provinces.

For these reasons, Beijing has been very concerned about the industry.

Experts say the situation in Shaoxing and other cities will become a barometer of China's trade strength and will also serve as a window to observe the social situation in China.

Nowadays in China, no city can have such a concentrated textile and garment industry like Shaoxing.

Worried about the possible collapse of these factories, Beijing launched a series of measures aimed at supporting textile enterprises, including tax cuts, low interest loans and water bills.

In October last year, Beijing even sent high-ranking officials to Shaoxing to urge local leaders to cope with the impact of the economic downturn.

Some industry officials say China's textile industry will continue to flourish, especially because of the existence of such cities as Shaoxing.

Qian Jin said, "we are confident that China still has its advantages.

We have characteristic towns that make shoes, socks and other products.

Shaoxing is the center of chemical fiber fabrics.

Southeast Asian countries do not have such a complete supply chain, they can not compete with us. "

Editor in chief: Xu Qiyun