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Govt decides to buy one lot of 2007 Sinkiang cotton
29
Aug '08
Recently, it was reported that cotton producers of Sinkiang Province were suffering as there was no demand and they have been left with huge inventories.

Cotton made in Sinkiang accounts for one third of the whole China's cotton output. It's learned, so far, tens of thousands of cotton made in the province haven't been sold.

Thus, Government has decided to temporarily purchase 150,000 tons of the cotton made in the region last year. This equals the cotton usage of all Chinese textile enterprises within one week.

The purchase price is 13,400 yuan per ton in Sinkiang or 13,600 yuan per ton in other provinces.

Apparently, Chinese Government is also working sucessfully starting the purchase and sale of 2008's cotton.

Fibre2fashion News Desk - China

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