Dear readers

In February， China starts to enter its new year according to Chinese lunar calendar that defines Feb.15th as new year eve and the Year of Dog runs in amid roaring firecrackers of jubilating celebration， lighting the country against cold and dark night， shinning on the reverent faces of people praying for a good fortune in the new year marked by this auspicious animal of Chinese Zodiac Sign.

Let us keep our fingers crossed for a good fortune in the world economy that will edge up to 3.1 percent growth after a much-stronger-expected 2017 as the recovery of investment ，manufacturing and trade continues， as is clearly expressed in the Global Economic Prospects report by the World Bank. But Christine Largarde， managing director of International Monetary Fund raised ITMs forecast for 2018 global economic growth by 0.2 percent to arrive at 3.9 percent， due to the increased global growth momentum and the expected impact of the recently-approved U.S. tax policy changes.

At the World Economic Forum in Davos， Mr. Liu He， Chinese high-rank official in charge of financial and economic affairs， made a very impressive speech that highlighted Chinese economic growth prospects and Chinese governments committed engagement in three breakthrough battles in keeping economic and social development on the right track， making sure the crucial risks in finance and local credit-driven growth model must be prevented and controlled ， poverty must be fought with precise target-aiming policies and actions and the pollution must be prevented and treated in a tough manner to ensure a high-quality growth model， away from old-fashioned high-speed development. A good fortune for Chinese economy is coming， coupled with this auspicious zodiac sign of dog in the new year.

Would these good wishes turn into reality for textile economy？ Let us review what was achieved in the year that just passed by. The investment in textile fixed assets continued to grow at the rate of 5.2% as opposed to that of the year before， concluding 1.35073 trillion Yuan （about 214.4 billion dollars） with the Eastern Area by 7.9 percent at growing speed， taking up 87.2 percent of the newly-added investment in the country. The investment goes rarely to new operations to enlarge production capacities， but to new technology for upgrading the existing operations. In domestic retails， the department stores and other bricks-and-mortar shops have realized 7.8 percent growth， and online retail has even bigger uptick by 20.3 percent in textile and apparel sector. The export has walked out of dark tunnel into a sunshine land with a small growth by 1.6 percent， a remarkable spotlight for a beautiful turnaround after a two-year negative low growth.

Speaking of the performance quality， the sale/profit ratio comes out at 5.5 percent if we divide 6.89356 trillion Yuan of mainline business revenues by 376.88 billion Yuan in profit during January and November last year， 0.2 percentage point higher than its previous year. As macroeconomic strategy is strictly implemented at full scale， we have full confidence in welcoming the auspicious Year of Dog in 2018. Happy Chinese New Year！

ZHAO Hong， Editor-in-Chief

Feb. 2018endprint