China’s textile industry saw a decline of 14 per cent in its profits during the first eight months of 2022.Earnings of the equipment manufacturing industry of the country also dipped by two per cent during the period, which is three percentage points narrower than that for the January 2022 to July 2022 period.

Industrial firms making a minimum of 20 million yuan on an annual basis reaped combined profits of up to 5.53 trillion yuan from January 2022 to August 2022, which was a decrease of two per cent year on year.

In order to soften the blow of various economic challenges, China has introduced a set of efficient policies to enable economic recovery and re-establish growth. The country had earlier introduced a number of policies such as deferment of payment of government-levied charges, assistance for private businesses and the platform economy, and risk compensation funds for loans to small firms and self-employed people.The country has introduced fee cuts and tax refunds to ease the pressure on businesses. Its policy package is estimated to save about 2.5 trillion yuan for taxpayers in 2022.

Trousers and shorts are China’s top apparel export products. From January 2022 to June 2022 they accounted for 20 per cent of China’s apparel exports.