November 21 -- The Ministry of Industry And Information Technology has approved the 12th Five-Year Plan for the development of the textile industry in China, reports Shanghai Securities News, citing an insider from the China National Textile And Apparel Council.

During the five-year period, China will promote the transformation and upgrading of the textile industry in eight areas, including technological innovation, the industrialization of advanced technologies, branding development, sustainable development, the planning of industrial parks, adjustment of the industry structure, mergers and acquisitions, and talent management.

In addition, China will seek more innovations in the fields of high performance fiber materials such as carbon fiber, and in the research and development of fibers made of renewable resources.

Chemical fiber producers in developed countries produce over 100 types of products each year, while the production of carbon fiber, aramid fiber, polyphenylene sulfide, and UHMW-PE in China are still at a preliminary stage, according to a report released by China Investment Consulting Corporation.

Shares of Jiangsu Jiangnan High Polymer Fiber ( 600527.SH) rose 4.04 percent to close the morning session at 8.50 yuan per share.