Chinese govt works on new cotton purchase & storage policy

30 Aug '11

2 min read

Recently, a cotton research group set up by the State Development and Reform Commission, the National Supply and Marketing Cooperative, China National Cotton Reserves Corporation, and other organizations has revealed the survey of its field research in Hunan, Jiangsu and Shandong.

Now, the group is working on the development of an implementation plan of the approach and policies over new cotton purchase and storage for the new cotton year.

The responsible persons from five departments including the National Development and Reform Commission, the National Supply and Marketing Cooperative, China National Cotton Reserves Corporation conducted field visits with the subjects on how to strengthen and improve macro-control of cotton, how to promote healthy development of cotton industry.

The research group also had discussions with relevant authorities and enterprises. They exchanged and discussed the issues over forecast of 2011 cotton production and marketing situation, cotton production and exports, cotton circulation system, how to implement the recommendation of temporary cotton storage policy, as well as tax, finance and industrial upgrading.

Domestic cotton price experienced a "roller coaster" market from August last year to August this year, as the price climbed from 17,000 Yuan per ton to 34,000 Yuan per ton in March this year. Later it fell from 34,000 Yuan per ton to current level of near 20,000 Yuan per ton.

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