Xinjiang cotton target price subsidy startsRelease time: 2015-07-07 10:47
Standard Group (Hong Kong) Co., Ltd. Textile Industry Information: Xinjiang Cotton Target Price Subsidy Starts. In order to further deepen the cooperation with the Xinjiang Autonomous Region Government and related institutions, and better serve the Xinjiang cotton industry and the national “One Belt, One Road” opening strategy, Zhengshang Research Institute and the Xinjiang Autonomous Region Government signed a cooperation memorandum to jointly cultivate the Xinjiang cotton futures market. Focus on training cotton cooperatives and cotton-related enterprises in Xinjiang, and guide cotton-related enterprises in Xinjiang to carry out hedging business. In the context of the “One Belt, One Road” strategy, leveraging the advantages of the cotton industry's resource clusters to promote the development of cotton-related industries in Xinjiang is not only a key carrier for the local establishment of the core area of the Silk Road Economic Belt, but also the futures industry serving the real economy and serving the “Belt and Road” An important starting point for open strategy.
Policies are favorable for Xinjiang cotton enterprises to welcome major opportunities China's cotton industry is undergoing major changes in policy and structural adjustment. With the launch of the Xinjiang cotton target price subsidy trial in 2014-2015 and the gradual advancement of the “Belt and Road” strategy, China's cotton industry has begun a new phase of marketization.
"Under the current situation, the development of China's cotton-related enterprises is facing new opportunities and challenges. Last year, the second Central Xinjiang Work Symposium clearly stated that the development of the textile and apparel industry was a strategic measure, and the implementation of the textile and apparel industry to promote employment planning. Supporting the development of the textile and apparel industry. The central government and Xinjiang have since issued a series of ultra-conventional policies to support the textile and apparel industry, including the establishment of special funds for the development of the textile and apparel industry. All VAT paid by Xinjiang textile and apparel enterprises is used to support the development of the Xinjiang textile and apparel industry. .Policy combination boxing has brought continuous benefits to the Xinjiang cotton industry. "Recently, Chairman of Xinjiang Cotton Industry Group Xiao Yuqing held a seminar on Zhengzhou Futures Market Serving Xinjiang Cotton Spinning Industry under the" One Belt and One Road "Strategy organized by Zhengshang Office in Urumqi. On.
The speed of the cotton spinning industry's transfer to the west has accelerated. Utilizing the spring breeze of the “Belt and Road” initiative, the investment boom in Xinjiang has already struck, especially the enthusiasm for cotton cultivation and investment in cotton spinning enterprises in Xinjiang has sharply increased. "More importantly, the policy has created a better market environment and an industrial ecology for cotton-related enterprises in Xinjiang." A person in charge of Xinjiang cotton enterprises who participated in the meeting said that the profits of domestic textile enterprises generally rose by 500-1000 yuan / ton.
"Belt and Road"
Xinjiang textile industry leverages "going global"
The positive changes in the market environment and industrial ecology have created development opportunities for cotton-related enterprises, and also created conditions for more Xinjiang textile enterprises to “go global” to ease overcapacity and promote the development of China's cotton and textile industries.
Five Central Asian countries border Xinjiang, and Uzbekistan, Tajikistan, and Turkmenistan have abundant cotton resources. Promoting Xinjiang cotton-related enterprises to "go global" and rationally allocate resources in the international market will give enterprises a strong competitive advantage.
It is precisely because of seeing the textile potential of the countries along the “Belt and Road” that in addition to the layout in Xinjiang, large textile groups are also cooperating with Xinjiang enterprises to lay out markets in Central Asia, West Asia, and East Asia. "The potential is great and the prospects are bright, but the cotton and cotton textile industry in Xinjiang still faces many challenges." Xiao Yuqing believes that the development of Xinjiang's cotton-related industries still faces several major bottlenecks, including long distances and high transportation costs, and it is difficult for cotton to leave the country in time. And other objective factors make it difficult for Xinjiang-related cotton companies to grasp the market and sell cotton in a timely manner.
It is understood that after the state stopped collecting and storing, the cotton sales cycle of Xinjiang's cotton-related enterprises ran throughout the year, causing them to bear the costs and risks of market changes over time. Many enterprises experienced large losses and slow-moving cotton. At present, Xinjiang's cotton sales are still dominated by traditional spot trade. In normal years, most cotton needs to be moved to the mainland for sale, which not only increases the cost of the enterprise, but also loses the right of choice and initiative. Compared with the 3 to 6-month letter of credit sales model of foreign cotton merchants, the lack of competition force.
The use of futures to solve the problems of Xinjiang cotton enterprises' transportation is an objective factor that Xinjiang cotton enterprises face, and the lagging business model amplifies these difficulties.
At the textile sub-forum of the Twelfth Shanghai Derivatives Market Forum held in Shanghai a few days ago, the participants said that the development of cotton textile industry in Xinjiang has the advantages of time, location, and harmony. However, in the context of the increasingly fierce competition in the national cotton textile industry and the intensified fluctuations in the prices of cotton and other raw materials, the healthy development of Xinjiang's cotton textile industry needs to strengthen product innovation, management innovation, and market risk management.
"Since its listing in 2004, cotton futures have played an important role in improving China's cotton yarn market system, improving the price formation mechanism, and promoting industrial development." Guo Yong, chairman of Jinshi Futures, said that the futures market has strong liquidity, market standards, Features of capital security and high degree of standardization. For cotton-related enterprises, participating in cotton futures can not only use their price discovery function to prejudge production and sales, but also use futures hedging functions to lock in profits and avoid cotton transportation. risk.
"Using modern trading models such as futures and electronic matching to integrate into the high-end financial capital market is an effective way for Xinjiang cotton-related enterprises to avoid market risks." Guo Yong believes that the current overall scale of Xinjiang cotton-related enterprises participating in Zhengzhou futures market is small, while financial credit The policy restricts its loan companies from entering the futures market. In addition, Xinjiang's cotton-related enterprises generally lack the ability to operate the capital market, fail to use the financial futures market to avoid risks, and reduce market competitiveness. It is hoped that relevant institutions and exchanges can use their policy support and training for Xinjiang cotton-related enterprises to participate in the futures market.
Financial support Xinjiang cotton companies participating in futures are expected to receive support for cotton as a staple agricultural product, with strong seasonality, high economic value, and large acquisition funds. It is understood that the Agricultural Development Bank of China, as China's only policy bank serving professionally the "agriculture, rural areas and farmers", is also actively exploring the preparations for cotton-related enterprises to carry out hedging business under the new situation, and serves Xinjiang Cotton Textiles Industrial Development.
"The main business model of agricultural development customers has always been to purchase and sell through the spot market. The business model is relatively single. If the market price rises or falls unilaterally, there is a risk that the response will be simple and cause losses. With the increase of the marketization of cotton, this This kind of risk is increasingly becoming the main factor affecting the development of the cotton industry. "Li Huatian, Deputy General Manager of the Second Department of the Customer Department of the Agricultural Development Bank of China, said that in 2014 cotton year, cotton prices continued to fall, which brought great risks to cotton companies and became market-oriented. Under the conditions, the cotton market has increased influencing factors, further improving credit policies and risk management methods, innovating products and financial instruments, and ensuring the safety of credit funds have been the main topics that the Agricultural Development Bank has been studying in recent years. The scientific and reasonable use of futures tools to control the diversification of market risks and help enterprises to operate stably is in line with the current background of cotton market development. Supporting cotton companies to participate in cotton futures hedging can effectively lock in profits and make up for the problem of a single cotton business model.
At present, the Agricultural Development Bank of China has obtained the qualification of futures margin depository. Last year, the Agricultural Development Bank of China issued the "Administrative Measures for the Futures Hedging Business of the Agricultural Development Bank of China", which regulates customers' participation in futures hedging, access systems, transaction fund management, and credit supervision.
“The policy conditions for agricultural development customers to carry out hedging are already in place.” Li Huatian said that with the efforts of Zhengshang Office, the trading rules and systems of cotton futures are getting closer to the spot market, and corporate participation has increased significantly. He revealed that at present, the Agricultural Development Bank has cooperated with Galaxy Futures, Wanda Futures and China Merchants Futures to jointly conduct research on hedging. At present, it is considered to start with cotton futures, develop strong anti-risk capabilities on futures, and have some experience in participating in the futures market. Known companies conduct hedging trials and gradually roll out. "In the future, with the listing of cotton yarn futures, cotton textile companies can realize hedging at both ends of the purchase and sale. This will provide enterprises with greater freedom to use futures tools for risk management, and will greatly promote the development of the domestic textile industry. ABC also hopes that customers will use Good futures tools and effective risk control. "
Multiple concurrent services to the cotton industry and the “Belt and Road” policy to promote enterprise participation are one aspect. How to further build the cotton futures market and better play the role of cotton futures is also to serve the cotton-related enterprises in Xinjiang and serve the country ’s “Belt and Road”. The key to the implementation of the opening strategy. In the eleven years since the cotton futures were listed, its functional role has been effectively exerted. Under the current policy and market environment, the “software and hardware” conditions for promoting cotton-related enterprises in Xinjiang to participate in the cotton market have been well developed through careful cultivation by the Zhengshang Commercial Institute. Cotton futures have been well established to provide quality services to the cotton-related industry in Xinjiang. ready.
At the "Belt and Road Initiative" Zhengzhou Futures Market Serving Xinjiang Cotton Spinning Industry Symposium, the head of the Zhengshang Institute stated that in recent years, in order to promote the cotton futures to serve the real economy, the Zhengshang Institute has relaxed market controls and abolished state-owned cotton-related enterprises. Applying for a hedging-related system, removing unreasonable restraints on state-owned cotton enterprises; reducing the gradient of cotton and other varieties from four levels to three, expanding position restrictions, and facilitating enterprise hedging; reducing the general month and delivery of cotton The monthly futures trading margin reduces the participation cost of cotton enterprises. In terms of market maintenance and training, the “Three Industries” activity was launched to stimulate members' enthusiasm for serving the cotton physical industry. From January to May this year, the Zhengshang Office supported member units in organizing “Three Industries” activity fields, including various cotton markets. Activities 51 games. In addition, according to the actual situation of Xinjiang cotton and cotton spinning industry, Zhengshang has carried out a series of targeted work on the basis of good market services.
"In the past, Xinjiang cotton companies had concerns about transportation issues, whether the quality of cotton when it was delivered to the inland delivery warehouses, and whether the prices after discount calculations were cost-effective. Therefore, the proportion of hedging in the futures market was relatively low. In this case, after an in-depth investigation, Zhengshang Research Institute has creatively designed a delivery transit warehouse solution. "The person in charge said that after in-depth investigation, Zhengshang Institute designed a delivery transit warehouse program. Set up a transfer warehouse, cotton production in Xinjiang, Xinjiang inspection, Xinjiang registration, cotton transfer warehouse receipt delivery unit, inspection method, inspection agency, delivery standard, cash transfer method, autonomous pairing delivery method, warehouse receipt deposit, bank pledge, etc. Functions are the same as standard warehouse receipts. If the transit warehouse receipt is to be converted into a standard warehouse receipt, it is only a matter of transportation from Xinjiang to the mainland. The transportation time is flexibly resolved by the warehouse receipt holder and the delivery transit warehouse according to the tightness of railway transportation.
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