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At present, China's fiber processing volume accounts for more than 50% of the world's total, and the textile industry ranks first in the world. The development of the textile industry has driven the development of the textile machinery industry. China's textile machinery industry already has a relatively large scale and has formed a relatively complete industrial chain layout.
Scale of textile machinery industry
According to statistics from the China Textile Machinery Association, in 2019, the total assets of China's textile machinery industry was 107.229 billion yuan, an increase of 4.94% year-on-year; affected by multiple factors such as Sino-US trade friction, the slowdown in domestic and foreign market demand and the continuous increase in comprehensive costs, in 2019, The revenue and profits of China's textile industry have declined compared with 2018. As the upstream of the textile industry, the textile machinery industry has experienced a decline in revenue and profits. In 2019, the operating income of China's textile machinery industry was 81.952 billion yuan, a year-on-year decrease of 7.00%; the total profit reached 5.866 billion yuan, a year-on-year decrease of 3.60%.
In the five years from 2014 to 2018, in terms of textile machinery sales revenue and total profits, the scale of China's textile machinery industry as a whole has shown an upward trend. With the in-depth adjustment of the industrial structure, domestic medium and high-end textile equipment has developed rapidly, and the overall operation of the textile machinery industry has increased steadily. In 2019, due to factors such as Sino-US trade frictions, China's textile machinery industry's main business income has declined compared with the previous year.