SHIJIAZHUANG: Textile technology R&D center construction project with area of 378 mu (1 mu = 667 square meters) and costing CNY 860 million has been launched on July 11 in Shijiazhuang, capital of Hebei Province.
The first-phase project has an investment of CNY 500 million to build China's important yarn production lines, and is expected to start operation in the second half of this year and will have a yarn production capacity of 9,000 tons by some estimates.
The second-phase project will begin early next year with an investment of CNY 360 million.
It will introduce 320 looms with international high levels from overseas to produce cloths of 25 million meters each year.
This project will start to be operational in the second half of next year.
After the completion, the annual earnings is said to be CNY 900 million and the tax will be CNY 290 million.
Therefore, the quality of the textile products in Shijiazhuang textile sector will be sharply raised, and its market competitiveness will consequently reach China's leading position.
Source: Financial Times Information
July 15, 2004