The textile industry is planning to increase textile and clothing exports by an annual rate of about 7 percent and boost the export value of fiber products to $400 billion by 2020, according to China National Textile and Apparel Council.

China's textile industry contributes significantly to the country's exports. Due to rising labor cost and overseas competition, the industry leaders have to put more effort into innovation and quality improvement.

Let's take a look at 10 textile companies that lead the industry. The ranking was based on companies' revenue in 2013.

No 10 Shandong Jining Ruyi Woolen Textile Co Ltd

Revenue in 2013: 588 million yuan ($96 million)

Shandong Ruyi Group showcases products at a textile exhibition, March 30, 2012. [Photo/IC]