Domestic demands will serve the major factor stimulating development of the textile industry in 2010. Although the textile industry has seen a recovery, international trade environment does not clear up and risks still exist.
Domestic markets boom continues
In Oct., 2009, the IMF increased its 2010 forecast for China's GDP. In July it forecast China's economy would grow 8.5% next year. In the latest GDP forecast, China will grow 9% in 2010. The World Bank in Nov. also raised its forecasts for Chinese growth this year and projected a slightly faster pace of expansion in 2010. Gross domestic product would increase 8.4% this year and 8.7% in 2010 on the back of massive fiscal and monetary stimulus, the bank said. China's consumer confidence index (CCI) rose to 103.9 in the fourth quarter last year, up 3.1 percentage points from the previous quarter, said a report released on Jan. 26 by the China Economic Monitoring & Analysis Center under the National Bureau of Statistics.
Textile industry analysts generally agree that, 2010 growth rate of textile and garment industry in domestic market is likely to reach 20-25 percent compared with 2009.
