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China's cotton purchase policy protects farmers' interests
01 Oct '12
1 min read
The policy of the Chinese Government to purchase cotton for state reserves, currently in its second year, is aimed at protecting the interest of the farmers, according to the National Development and Reform Commission (NDRC).
The NDRC said a total of 3.12 million tons of cotton was purchased for state reserves during September-August 2011-12 season.
It added that the state purchase resulted in rebound of cotton prices and successfully met the desired objectives of the policy. It said the state buying led to smooth operations of cotton market and it protected the interests of cultivators.
For 2012-13 cotton season, NDRC has started purchasing cotton for state reserves since September 10 at a fixed price of 20,400 Yuan/ton, compared to procurement price of 19,800/ton in last season.
The cotton storage plan would protect the interest of farmers, while stabilizing cotton prices and ensuring adequate market supply, the NDRC said.
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