Outlook for a New Textile Economy in China

The fashion industry is the seventh largest economy in the world, and its market size has grown to US$2.5 trillion. As the global population is expected to reach US$11 billion by the end of the century, the industry is facing a downturn and must innovate a development model to achieve new growth. Circular fashion is an industrial system that aims to maximize the value of textiles, reduce the consumption of resources, and reshape the industry toward a more resilient and responsible future. China is the world's largest producer and exporter of textiles and apparel and is one of the top three markets for many fashion brands. The country also has the most complete industrial system from raw material supply to retail operations, making it a leader in the global fashion industry.