China relaxes its trade restrictions in move to mend ailing textile sector

China softened trade restrictions and planned to import modern equipment in a bid to upgrade and revitalize its declining textile industry. Eleven companies of over 300 factories in Shanghai have already been allowed greater autonomy in imports and exports. Exports from these companies amounted to $358 million from Jan to Sep of 1992, an increase of 52% over 1991 figures. Meanwhile, China is preparing for an international textile machinery exhibition to be held in Beijing on Nov 1992. Through the event, which will feature equipment from the US, Japan, Taiwan and Europe, China hopes to modernize aging and obsolete machinery in the country's mills.