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Cotton spinners now operating ginneries

08
Jul '10
Cotton price has been on sharp rise this year, making it difficult for inland cotton spinning enterprises to buy cotton. A few cotton spinning enterprises have built ginning factories in Xinjiang and have already signed contracts with local farmers at 7.2 Yuan / kg as bottom purchase price, to ensure regular supply of cotton.

Vice President of China Textile Industry Association, Xu Wen-Ying, points out that cotton price has been on the rise since last October and had reached 14,833 Yuan / ton by the end of last year. As of June 30 this year, domestic stock index for cotton grade 328 marked 18,309 Yuan / ton, up 42.6 percent year on year.

At present, the upward trend in cotton is still continuing and cotton price has increased by more than 8,000 Yuan / ton, compared with the early time last year. After the state authority issued 800,000 tons of import quotas in May, cotton price still continues to rise. Imported cotton price has increased from 15,000 Yuan / ton to 19,000 Yuan / ton.

Xu Wen-Ying also suggests that value-added tax rates on input and sales of cotton textile enterprises should remain the same. He says that tax reforms undertaken in 1994, provides for 13 percent tax rate on cotton input, and 17 percent VAT rate on sales of cotton products.

Therefore, during sales process of cotton textile enterprises, only 13 percent of tax rate on cotton input is offset, while cotton textile companies have to bear 4 percentage points of unreasonable tax burden, which is unfair. He suggests the state to unify the rates on cotton input and sales of cotton products.

Fibre2fashion News Desk - China


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