China’s cotton reserve has been making headlines across the textile industry for months. The fiber giant has amassed nearly 8.84 million tonnes — half of the world’s total cotton supply over time, and that number has, according to the International Cotton Advisory Board, the potential to balloon up to 10 million tonnes due to higher production and lower consumption in the Asian country. Xi Jin, manager of the International Cooperation Department at the China National Cotton Information Center (CNCIC) and speaker at the 2013 Cotton Global Summit, is well aware of the impact the policies surrounding this reserve will have on the world economy. Taking a moment to speak with Cotton International, Jin answered the following questions for our readers:
Why is it important for the industry to band together in this uncertain time?
It is highly important for the industry to come together, particularly in Southeast Asia. Most countries in this region do not have a complete industrial chain. Banding together will help them to become more competitive.
What is your vision for China’s future cooperation with other countries?
China should strengthen its cooperation with other countries, particularly the textile makers. For example, China boasts exclusive advantage in finished products. However, as domestic cotton prices are much higher than in the international market, the import of cotton yarn is the best solution. It requires long-term trade cooperation with other countries.
To hear more about Jin’s outlook on the Chinese cotton market in the coming year, the topic of his upcoming presentation, click here to register for the 2013 Cotton Global Summit.