Textile sector investment up in 2003

China announced that investment in the textile sector during 2003 reached an 11-year high of RMB 205.5 billion (US$25bn). The National Bureau of Statistics linked the new high to increases in market demand and technological upgrading of production equipment. Textile exports totaled US$61.7 billion in 2002 and local producers imported US$11.8 billion of textile machinery between 2000-2003. Analysts said that rising world cotton prices would likely cause investment in China's textile industry to decrease in 2004.