The Policy Of Collecting And Throwing Reserve Has Become A Block Stone In The Cotton Market.

< p > snowy white cotton is a soft thing, but it has experienced "unbearable weight". < /p >
"P" under the impact of the policy of storage and storage, the domestic transaction of cotton futures tends to be light, and the price system shows signs of distortion. And the situation of cotton < a target= "_blank" href= "http://www.91se91.com/" > textile < /a > is becoming more and more difficult. The enthusiasm of cotton growers has not been improved significantly. Basically, the existing policy of collecting and storing has become a block stone for the market-oriented reform of cotton planting and cotton textile industry. < /p >
< p > < strong > the market price is distorted < /strong > < /p >.
< p > with the development of coastal textile industry, China's cotton consumption has increased by 4 million 890 thousand tons in ten years since 2000. In 2012, China consumed 7 million 840 thousand tons of cotton, the largest cotton consumer in the world. But this consumption is 5.27% less than that of 8 million 270 thousand tons in 2011. At present, the cost of domestic labor and cotton has no advantage compared with that of Southeast Asian countries. Because of the influence of the policy of purchasing and storage, the cost of domestic cotton is far higher than the international level, which has caused cotton textile enterprises to get into trouble. < /p >
< p > at present, domestic cotton storage and storage < a href= "http://www.91se91.com/news/index_s.asp" > price < /a > 20400 yuan / ton, throwing and storing price is 19000 yuan / ton, this policy has been unchanged since 2012, resulting in the domestic spot price has remained high for a long time. But at the same time, international cotton prices have fallen sharply. The US cotton index, which hit a record high of 186.70 in 2011, ended on Thursday. The US cotton index closed at 82.61, and its price plunged nearly 56%. At present, the price difference between domestic and foreign cotton is no less than 4500 yuan / ton. < /p >
< p > although the price gap is huge at home and abroad, ordinary enterprises can not import cotton freely from abroad. At present, the import quota system is practiced in our country. In 2013, the import quota of cotton was only 894 thousand tons, which was far from meeting the needs of domestic enterprises. Now the cotton market in China is facing such a dilemma: on the one hand, the high price throwing cotton storage has been neglected by many enterprises. On the one hand, enterprises are crazy in pursuit of limited import qualification. The domestic cotton price system has not been able to reflect the supply and demand of the market, and the relationship between price and supply and demand has been cut off by the policy of collecting and throwing reserve and the import quota system. < /p >
< p > < strong > textile enterprises are facing difficulties. < /strong > < /p >
< p > the huge price difference between domestic and foreign cotton has severely hit domestic textile enterprises. Because the cost of cotton accounts for 70% of the cost of cotton mill production, the cost gap of up to 4000 yuan makes it impossible for domestic textile enterprises to stand on the same starting line with foreign competitors, and the export oriented domestic textile industry is becoming increasingly sad. < /p >
< p > Zhang Chunyan, the head of a private cotton spinning enterprise in North China, told reporters that the cotton mill has not made enough money until today. In addition to a higher cost than foreign counterparts, the wage level of domestic workers is rising rapidly, and the appreciation rate of RMB is accelerating. For a long time, the profit mainly depended on the hardworking and cheap labor of workers, but now this advantage is inferior to that of Southeast Asian countries. < /p >
The decline of export P can not be improved by the increase in domestic sales. At present, although our country controls the import of cotton, it does not restrict the import of cotton yarn, so that the price of imported cotton yarn is sometimes even cheaper than the price of domestic cotton. This undoubtedly further attacks domestic cotton textile enterprises. < /p >
< p > statistics show that in the first half of 2013, the number of manufacturing enterprises in China was less than a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > the number of manufacturing enterprises was 2805, which was far higher than that of 1741 in 2012. Analysts expect that with the appreciation of the renminbi and the rise in domestic labor costs, the loss of the textile and garment industry will continue to expand. < /p >
< p > < strong > existing policies need to be reformed < /strong > /p >
< p > China's main purpose of collecting and storing cotton is to stimulate the enthusiasm of farmers to grow cotton. However, the survey results showed that the enthusiasm of domestic cotton growers was significantly reduced. In addition to the Xinjiang region, China's cotton in Shandong, Henan and other regions have adopted the "one household," scattered planting mode. Compared with other crops such as wheat, cotton planting costs more time, spraying pesticide, field management, fertilization and other processes are significantly more than other crops. < /p >
< p > although the purchase and storage price guaranteed farmers' income to a certain extent, after the purchase and storage, cotton still had little economic advantage compared with other crops, and farmers' willingness to grow cotton was getting lower and lower. According to the data of China Cotton Association, the cotton planting area of this year is 65 million 850 thousand mu, nearly 4 million mu less than the previous year, and the output is expected to be 6 million 315 thousand tons, a decrease of 337 thousand tons over the previous year. < /p >
< p > national reserve cotton policy has little effect on the whole industry chain. At the same time, the state invested huge amounts of money for the storage and consumption of large amounts of social resources. According to statistics, since 2011, the state has invested more than 160 billion yuan in capital storage and storage, which needs to pay nearly 10 billion yuan of bank interest each year. In order to maintain the inventory level of up to 9 million tons, the single warehouse fee will exceed 1 billion yuan. If the inventory reduction is considered, the cost will be even more staggering. It can be said that the policy of collecting and storing has become a heavy burden. < /p >
< p > the policy of collecting and throwing reserves has made the spot price of cotton in China fluctuate for a long time, which is directly reflected in the futures market. Cotton futures in the Zhengzhou Mercantile Exchange have been very active, with volume and positions ranking the highest in the world. Under normal circumstances, the average daily turnover of the main contract is above 1 million hands, and once reached about 3000000 hands in the active period. But now few investors and companies are willing to participate in cotton futures trading, the main contract average daily turnover of less than 20 thousand hands. < /p >
< p > because the current cotton price fluctuation is small and can not reflect the actual supply and demand situation, the cotton futures market is not conducive to investment and speculation, nor is it conducive to hedging. Futures market has lost the function of price discovery and risk aversion, and has gradually been "forgotten" by investors. < /p >
From P's experience abroad, direct subsidy is the best way to carry out the marketization reform of cotton prices. In the context of decision makers' attention to market-oriented reform, many agricultural products have come to the news that the policy of purchasing and storing will be changed to direct subsidies, including cotton. The direct subsidy policy is likely to be introduced in 2014 to collect and sell reserves. < /p >
< p > in addition, the import < a href= "http://www.91se91.com/news/index_q.asp" > policy < /a > will also be adjusted accordingly. It is widely expected that the cotton quota free tariff ceiling will be lowered, which may be beneficial to China's cotton imports. After the change of policy is expected, the higher domestic cotton prices will be closer to the international level, and the domestic and foreign spreads will be reduced. < /p >