Is the financial crisis looming as U.S. stocks trading halted? How do textile companies respond?

Mar 24, 2020  |  by
After the U.S. stocks trading has been halted for four times, many companies have felt greater pressure for development. Where should our textile industry go?

In response to this problem, some financial experts gave two suggestions: First, we must accelerate domestic industrial upgrading, reduce external dependence on high-tech aspects, and further stimulate effective domestic demand. Secondly, we do not need to panic. As China’s epidemic situation gradually improves, domestic consumption will soon be restored. To achieve these goals, we must fully mobilize the enthusiasm and creativity of entrepreneurs. “Wuhan, be Strong” is transforming into “Boss, be Strong”.
So, how should the textile companies develop in the future? How should we carry out industrial upgrading and innovation? Peter Drucker, the father of modern management, said that the purpose of business is to create customers, not profits. Companies should identify and meet customer-unaware needs. In his view, companies have only two basic functions: marketing and innovation.
Facing the current intricate development environment, especially for small and medium-sized enterprises with more development problems, everyone should now calm down and think carefully about how to take a step forward in crossover innovation and actively invest in creating market competition for customers at an early date. In order to turn this idea into reality, it is essential to rely on talents with innovative thinking and pioneering ability. It can be foreseen that the era of future crossover will be an era of true competition for talents.





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