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China to continue open cotton procurement policy this year
28
Mar '13
A latest Chinese survey indicates that domestic cotton acreage will for the first time fall below 70 million Mu in 10 years (one hectare equals 15 Chinese Mu), a year-on-year decline of 6.8 percent. 
 
To stabilize market expectations, the state will continue to implement open procurement policy this year and a specific price will be announced in the near future, a National Development and Reform Commission (NDRC) official said.
 
The survey data prepared by China Cotton Association showed that cotton planting intention will be 68.16 million Mu in the country, a year-on-year decline of 6.8 percent, the lowest acreage in 10 years.
 
Li Yan from NDRC said that as of March 20, actual turnover of interim purchasing policy for 2012 reached 6.27 million tons, accounting for 92 percent of the total year’s production, of which 1.62 million tons were shipped out from Xinjiang.
 

Fibre2fashion News Desk - China

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