A new regulatory policy for purchasing and storage of cotton in the domestic cotton market of China was discussed at the recently held 2013 China International Cotton Conference at Qingdao city of Shangdong province of China.
Speaking at the conference, the deputy director of Chinese National Development and Reform Committee, Liu Xiaonan, said that to eliminate the current problems of the domestic cotton market of China, a national storage and purchasing policy will be formulated for the new cotton season beginning September 1, 2013.
Mr. Xiaonan pointed out that the current cotton-control policies focus on maintaining stability and continuity of the Chinese cotton market, and meet the needs of the domestic cotton textile enterprises. The current policy includes delivery and import policies for the national cotton reserve, which would last till the end of July, according to business.sohu.com.
For the coming cotton season, new standards for purchasing and storage of cotton, along with valuation methods, will be implemented, which will be announced soon, Mr. Xiaonan said.
He added that the proposed cotton purchasing and storage policy is an attempt to improvise on the previous ones, and the regulatory body is open to suggestions
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