Home / Knowledge / News / Textiles / Cotton spinners now operating ginneries

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


Must ReadView All

Pic: Shutterstock

Textiles | On 3rd Apr 2020

UKFT campaigns to support small companies amid COVID-19

UKFT is urging the government to provide support for individuals or...

Pic: Shutterstock

Apparel/Garments | On 3rd Apr 2020

China's silk town Shengze sends face masks to Milan

The Shengze Chamber of Commerce in the city of Suzhou in China’s...

Pic: H&M

Fashion | On 3rd Apr 2020

H&M awards €1 mn to five innovations of fashion industry

From lab-grown cotton and creating fabrics from protein DNA, to...

Interviews View All

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Top executives, Textile industry

Top executives
Textile industry

RoSCTL is need of the hour

Rajiv Sirohi, Shara

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Harsh Shah,

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Giorgio Mantovani, Corman S.p.A

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search