China’s clothing and textile industry, the world’s biggest garment and shoe supplier, faces a worsening operating environment as the global financial crisis cuts demand and a rising currency erodes profits.
The deepening credit crunch could hurt China ’s exports, and the subsequent bailouts by Western governments will likely increase the relative value of China’s currency, curbing exporter profits, Sun Huaibin, director of the China Textile Economy Research Center, said yesterday at a conference in Jinan, Bloomberg News reported.
The clothing and textile industry employs 20 million mainly rural workers, a seventh of the country’s industrial labor force, according to the China National Textile and Apparel Council. The industry’s slowdown may complicate China’s goal of maintaining faster growth and boosting domestic consumption.
“There is a colder winter ahead of us,” Sun said. As the export demand slide seems to be “g...
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