Abstract:

Contemporary geo-economic development is characterised by global transformation from the EU and Western countries, in general, towards the Asia-Pacific and East Asian concept, which will result in further evolution of the World System determined by the economies of the new industrial and post-industrial countries. The objective of this article is to investigate the role of economies of East Asian countries in global economic development. Particularly this paper analyses the situation in the textile industry, as exemplified by China, in the world market to identify prospects for its sustainable and competitive development. During the progress of this work, it was determined that the textile industry in China is currently under the influence of delayed adverse effects of the global financial and economic crisis of 2008-2010, which can further lead to systemic risk emergence in the Chinese economy, as the textile industry plays a leading role in its economic development. Analytical procedures performed in this study clearly showed the urgency of implementing technological and managerial innovations in order to increase the competitiveness of the Chinese textile industry. The government also needs to revise its measures of support to the sector. Improving competitiveness and providing sustainable growth and development of the textile industry in China allows to create a new margin of safety for the Chinese economy and secure unconditional long term leadership for the textile industry.