The Chinese economy may be hitting the bottom rung of its growth cycle or will bottom out in one or two years, according to a leading academic and former top government advisor. Then it will enter a mid-rate growth track, said Liu Shijin, former deputy head of the State Council's Development Research Center. "The Chinese economy is near its bottom and we should not be pessimistic about its growth prospects," he said. Liu made the comments in an introduction to a book on China's economy,

Textile exporters have urged the government to exempt the sector from the integrated goods and services tax (IGST) to boost the country's exports as they fear that Indian products will become uncompetitive in global markets. The GST Council has finalised between 5 and 18 per cent of applicable IGST on various products depending upon the type, value and services involved in it. Additionally, 5 per cent GST is applicable on job work also. "Merchant exporters cannot benefit from the facility o

Michael Kors revenues for the three months ended July 1, 2017 decreased 3.6 percent to 952.4 million dollars from 987.9 million dollars in the first quarter of fiscal 2017. On a constant currency basis, the company said, total revenue decreased 2.6 percent. Gross profit for the quarter decreased 2.8 percent to 574.7 million dollars and as a percentage of total revenue was 60.3 percent. “We are encouraged by our first quarter performance, although we continue to believe that fiscal 2018 will b

Pakistan’s new minister for commerce and textile Muhammad Pervaiz Malik is determined to enhance the country’s declining textile exports by resolving traders’ issues. After assuming office on August 8, Malik said the government will expedite the finalisation of preferential and free trade agreements with various countries and tax refunds to exporters. The minister, an industrialist from the crisis-hit basic textile sector, was briefed on the three-year Strategic Trade Policy Framework, under

Fiber Industries is preparing to open a new textile production operation in Darlington County, South Carolina. Expected to be operational in early 2018, this development is projected to bring more than $30 million of capital investment and create at least 135 new jobs. A privately-held company, Fiber Industries was established by MHR Fund Management. Fiber Industries was established by MHR Fund Management, a New York-based investment firm, in order to restart the Palmetto Plant in Darlington

Tianyuan Garments Company of Suzhou has signed an agreement with SoftWear Automation of Atlanta to develop a fully automated T-shirt production line at Tianyuan's newly acquired plant in Little Rock, Arkansas, in July. The technology was developed by and is patented by Georgia Tech's Advanced Technology Development Center. Using cameras to map the fabric and robots to steer it through the sewing needles, the system will handle soft fabrics and make T-shirts for Adidas, according to the compan

Foreign investment is needed to address the capital shortage in the production of textile and garment materials in Viet Nam. In fact, to meet the demand for clothes and ancillary materials for outsourcing enterprises by 2025, Viet Nam needs some US$22 billion invested in textile and dyeing, the Vietnam News Agency reported. Textile and garment is Viet Nam’s third largest export sector, with turnover reaching $28 billion last year. However, the country has not been proactive in obtaining raw m

Fibre & yarn exports hit 750,000 tons, valued at more than US$1.85 billion in the first seven months of this year, up 17% in volume and 26.5% in value against the same period last year, according to the General Department of Vietnam Customs. Fibres has been shipped to nearly 20 countries in the world, of which China was the lead importer, accounting for 54.4% of the total value. In the first half of this year, 341,000 tons of fibres and yarns were exported with a value of US$933.4 mill

Domestic firms in the leather and footwear industry lag far behind their foreign directed investment (FDI) peers as Vietnam cements its position as a leading world exporter in the sector, experts said. Vietnam’s leather and footwear industry posted exports of 8.5 billion USD by July 15, a year-on-year increase of 10 percent, the General Department of Vietnam Customs has reported. This figure makes Vietnam fourth largest footwear producer in the world in terms of volume, after China, India

Cotton growers on Wednesday urged the government to provide level playing field to local farmers in order to reduce the import of cotton into the country, which was discouraging the cotton farmers across the country. They said that billion of dollars were being spent annually on the import of the cotton to fulfil the domestic requirements of local industry. They stressed the need for taking necessary measures to check the import of cotton into the country to stabilize the prices of the com