The head of a large Chinese textile factory said that China's textile industry is losing its competitive edge after world market prices have risen substantially, and some low-end businesses are moving to new manufacturing countries.

LeoYang, President of Hongkong Central Textile Co., Ltd. said that in recent two years, the rapid expansion of textile investment in many developing countries has led to oversupply. Therefore, the industry is worried about the income and survival of many Asian textile mills.

At present, China's competitive edge is rapidly being pferred to other Asian countries, such as Bangladesh, Vietnam and India, he said.

In the past few years, textile production in the United States, Europe and Japan has rapidly and substantially pferred to China, India, Pakistan and Bangladesh.

Hongkong Central Textile Co., Ltd. has three spinning factories and a weaving factory in Hongkong and Mainland China.

Now more than 70% of the world's cotton is digested by Asian countries, and China accounts for 42%.

The annual demand for global denim is 6 billion 500 million yards (5 billion 900 million meters), but the current production capacity is 7 billion 700 million yards.

He said that the number of denim fabrics was 17%, which led to price decline in recent years.