More Money Raised for Textile and Garment Enterprises

On a match-making meeting between financial institutions and textile and garment enterprises recently held in Xinjiang Uygur Autonomous Region, 14 financial institutions and 15 textile and garment enterprises signed agreements on money-raising with a total value of CNY 10.4 billion.

This is the third time that the match-making meeting is held. On the past two meetings, which were held in 2014 and 2015, CNY 3.2 billion and CNY 4.6 billion were raised respectively.

In 2015, there were 382 newly-founded textile and garment enterprises in Xinjiang, with 3.46 million newly-added cotton spindles and a new production capacity for 90.52 million pieces (sets) of garment. Textile enterprises above designated size earned total profits of CNY 1.46 billion, 1.6 times that in 2014, and the value-added tax payable amounted to CNY 567 million, nearly doubled that in 2014. These newly-founded enterprises created 97,000 new jobs.

Since the beginning of this year, the credit availability of local textile and garment industry has maintained fast growing trend. By the end of March, their loan balance had amounted to more than CNY 1.12 billion, showing an increase of more than CNY 2.13 billion from the beginning of this year, and an increase of CNY 5.73 billion compared with same period of last year, registered 103.3-percent growth.