It seems logical that the biggest cotton-producing region in the world’s largest cotton-producing and –consuming country would have its own trading center – and now it will, according to China Daily.
Cotton processors in the Xinjiang Uygur autonomous region of northwest China region are planning to build a cotton trading center in Korla City’s Xinjiang Huijin Logistics Garden, in southern Xinjiang. That province is China’s most important cotton planting area, with its output accounting for more than half of the national total. It will be jointly supported by 17 cotton purchasing and processing enterprises that have a total investment of 1.5 billion yuan ($242 million).
The first phase of the project, with an investment of nearly $48 million, will have a storage capacity of 600,000 tonnes. The second phase of the project will bring the total capacity to 3.6 million tonnes.
In addition to storage, the center will work closely with other cotton futures centers in China to make it a comprehensive platform for cotton logistics, trade and transaction.