China needs to set global cotton prices: Report
China needs to pull up its socks when it comes to setting prices and formulating standards in the cotton textile industry. Due to the pandemic, the industry has been severely affected by reduced demands for garments.
Beijing, China
The Chinese textile industry has been severely affected by reduced demands for garments due to the Covid 19 pandemic. Industry experts in the country have now urged the stakeholders to pull up their socks when it comes to setting prices and formulating standards in the global cotton textile industry.
According to Sun Ruizhe, President, China National Textile and Apparel Council, as many Chinese garment manufacturers have increased their output, they have borne the pressure of growing material, shipping costs, and labour. They have also exported protective clothing, masks, and garments to the global market. Sun said that China’s garment industry will have to participate more in setting standards for future and also hold cultural events so that the products can be introduced on the international stage. They must also bring-in advanced technological solutions.
Cheng Zhiwei, Researcher of foreign trade, Jilin Academy of Social Science, said that Chinese companies should participate in the formulation of global standards and technical regulation. According to him, it is important that the domestic players speed up the development of key technical standards in order to promote China’s technology at international level.
Also, with the ongoing gradual economic recovery, the textile and apparel market will grow steadily, as per the report generated by Qianzhan Industry Research Institute. Referring to the 14th Five Year Plan, China will boast high-quality development in the textile and apparel industry. It will foster innovation and optimise its industrial system.
Source: The Star
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