Hodo Group, a Wuxi-based textile and garment giant in Jiangsu province, said it has seen a strong recovery in retail and foreign trade despite the influence of the COVID-19 pandemic.
Zhou Haijiang, board chairman and CEO of Hodo, said the group’s foreign trade of clothing increased by 11.8 percent from January to July on a yearly basis.
The group’s total trade rose by 26 percent on a yearly basis during the same period, while trade via containers from January to June at the Sihanoukville Special Economic Zone in Cambodia, which has investment from Hodo, rose by 29.7 percent on a yearly basis.
Economic activity has returned to nearly 93 percent of the pre-COVID-19 levels, the company said. Nearly all of its factories have resumed production and 88 percent of the workers have returned to work.
The countries’ policies put forward soon after the outbreak of COVID-19, especially in tax deduction and finance, not only supported enterprises but also encouraged them, said Zhou.
“The strong see changes as opportunities while the weak see changes as frustration,” he said.”We saw the opportunities in medical supplies, online retail, cross-border e-commerce and the healthcare market.”
“Till date, our medical supplies have been exported to 13 foreign countries, such as the United States, France and Germany. The market remains enormous due to the uncertain pandemic control situation in many countries.”
To help the rest of the world contain the COVID-19 epidemic, Hodo has donated millions of masks to some customers in foreign countries, including the United States, Canada and Japan.
Hodo donated 1 million masks to Cambodia in March to help the country fight the pandemic. Cambodian Prime Minister Samdech Techo Hun Sen thanked the group for its help, and Bun Rany, the first lady, sent an appreciation letter, saying that the move showed Chinese people’s care for the Cambodian people.
“The domestic healthcare market will also see a robust development following the pandemic. Hodo will develop more products to meet the demand and introduce more products from foreign countries,” said Zhou.
“Governments at different levels have given the group a serious of favorable policies to support work resumption and recovery,” said Zhou.”We have confidence in future production and market recovery.”
In April, with the preferential policies given by various levels of governments, Hodo managed to establish the Wuxi Xishang Bank along with its partners.
As the second private bank in Jiangsu province and the country’s 19th, it will fully support the work resumption of micro and small enterprises and the development of the real economy.
Xu Yan contributed to this story.