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Buying to lift output
Source: Xinhua |
April 1, 2011, Friday
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Print Edition
Print Edition
THE Chinese government yesterday said it will initiate a cotton purchasing and reserve program from this fall to boost domestic cotton production.
To build the reserve, the government plans to purchase standard cotton at 19,800 yuan (US$3,018) per ton from September 1 to March 31, next year, according to a statement from the National Development and Reform Commission, the country's top economic planner.
According to the program jointly established by eight ministries and institutions, China National Cotton Reserves Corp will be responsible for purchasing cotton during the seven-month period when market cotton prices fall below the state purchase price for five working days. On the other hand, the company can sell cotton reserves when necessary.
To build the reserve, the government plans to purchase standard cotton at 19,800 yuan (US$3,018) per ton from September 1 to March 31, next year, according to a statement from the National Development and Reform Commission, the country's top economic planner.
According to the program jointly established by eight ministries and institutions, China National Cotton Reserves Corp will be responsible for purchasing cotton during the seven-month period when market cotton prices fall below the state purchase price for five working days. On the other hand, the company can sell cotton reserves when necessary.
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