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China should device policy for stable cotton output
15
Oct '12
Since 2009, the Government of China has been making efforts to stabilize cotton prices in the country so as to protect the interests of the farmers and there by sustain their enthusiasm in growing cotton.
 
Last season, the Government purchased cotton from domestic market at 19,800 yuan/ton. Subsequently, during September 3-29 this year, the Government released 494,000 tons of cotton from its state reserves to various cotton enterprises at a price of 18,500 yuan/ton.
 
Thus, the Government incurred a loss of 1,200 yuan/ton and the total loss touched 590 million yuan, when calculated on the basis of actual transaction price.
 
Bi Meijia, chief economist in the Ministry of Agriculture, has said the country should set up long-term mechanism to stabilize cotton production. 
 
The chief economist added that the Government needs to study agricultural restructuring issues, including relation between growing food grains and cotton, and come out with ideas and policy measures to promote sustainable development of cotton production.
 
When cotton prices rise, textile enterprises should increase production of value-added products. At present, China’s total cotton spinning capacity has risen to 100 million spindles, but the country may need only about 70 million spindles in the future, according to the chief economist.
 

Fibre2fashion News Desk - China

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