China's textile industry will chalk up records in production, export, and profit this year, the State Bureau of Textile Industry told Asia Pulse.

The bureau attributed the achievements to adjustment of structure, recovery of the textile markets at home and abroad and narrowing of the price gaps between domestic and foreign raw materials.

According to the bureau, the large scale adjustment of the industrial structure has wiped out losses; 300 insolvent enterprises without hope of recovering have gone bankrupt, and more than 400 others have been merged or reorganised.

A number of well-performing enterprises have been expanded. The added value of export products has increased.

China's textile and garment export value this year is expected to reach $53bn, $10bn more than in 1999.

The spending of domestic urban and rural residents on clothing has stopped falling. The production cost of chemical fibre production has decreased and the competitiveness of China's products on the international market has thus been enhanced.

In the first nine months of this year, the export of synthetic fibre products grew 30 per cent.