The China National Textiles Import and Export Corporation (Chinatex), was founded in 1951. Chinatex is a large-scale enterprise group engaged mainly in foreign trade and production of textiles, with a stable annual turn-over of USD 1.2 billion, and boasting of more than 30 subsidiaries, overseas enterprises and 40 manufacturing plants of various types. Their business covers production and sales of all textiles ranging from raw materials, yarns and fabrics, to ready-made garments. Chinatex has its own cotton mills, printing and dyeing plants, wool-top processing factories, knit-wear and woven garment manufacturing bases and cotton plantation, located across the country and overseas. While remaining the biggest cotton trader and wool importer in China, Chinatex stands also as one of the initiators of Chinese cotton exchange market and an essential buyer at the Australian wool auction market as well as one of the largest Chinese clothing exporters. It ranks among top Chinese textile trading and manufacturing enterprises. Meanwhile, Chinatex has also made considerable headway in investment in the fields of machine-making, audio & vidio products, energy, new materials, cultural establishments and advertising agencies. It also participates in hi-tech research and development projests in cooperation with a famous Chinese university through a jointly set up R/D fund. At present, Chinatex is taking long strides towards the goal of a textile and garment enterprise group with international competitiveness.