The report of the 19th National Congress of the Communist Party of China proposed that we should adhere to the direction of the socialist market economy reform and allow the market mechanism to play a decisive role in the allocation of resources so as to give better play to the role of the government, optimize industrial policies and improve the macro-control approach. The policy of State Reserve cotton storage policy innovated the macroeconomic regulation and control mode of the cotton industry, allowing the market to play a decisive role in the allocation of cotton resources and realizing the institutionalization of macro-control, which is an active exploration and successful practice of giving better play to the role of government.
Under the unified leadership of the NDRC and the Ministry of Finance, the policy of State Reserve Cotton Storage and Storage acts on intermediary targets and guides and scientifically manages the market according to the objectives of the storage of rounds, through market research, joint conference decision-making system and various platforms and other policy instruments Expect, regulate and guide cotton market activities to achieve the objectives of the storage policy. Since the 2015 cotton year, the State Reserve policy on cotton storage and storage has been implemented in an orderly manner. The stock of cotton reserves has been rapidly digested. The cotton market has been running smoothly and the benefits of cotton textile have increased substantially.
First, the macro-control plan and policy mechanism for the cotton industry have been established. During the process of planning and formulating the policy of State Reserve Cotton Storage and Storage, the policy-making departments, on the basis of comprehensive investigations and studies, are sensitive and efficient in macro-control policies and follow the principles of forward-looking, scientific, continuity and orientation, and reasonably grasp The balance between supply and demand of cotton and the inherent logic between business inventory and market changes and the coordination of the relevant executive bodies in formulating the scientific principles of science, the number of rounds, the time of rotation, and the prices of rounds. In the process of implementation of the policy on the storage of storage, closely follow and monitor the operation of the industrial chain throughout the entire process and evaluate the effectiveness of the policy in a timely manner. According to the market operation and the trend of supply and demand, the Fiber Executive Bureau and the Central Reserve Reserve continuously optimize the inspection power of the State Reserve's cotton quality and the resources allocation of the State Reserve's cotton reserve warehouse to ensure the full implementation of the rotation policy. Policy departments control the target rotation, timely coordination and adjustment of policies. The storage policy constitutes a policy system operation system for policy planning, formulation, promulgation, implementation, effectiveness evaluation, full supervision and continuous optimization. The macro-control policy planning and policy mechanism of the cotton industry constitute the core and main body of the macro-control mechanism.
Second, the information platform as a carrier, to build an effective macro-control mechanism. The market mechanism is mainly composed of price mechanism, supply and demand mechanism, competition mechanism and risk mechanism, and the production and circulation of market price information are adjusted to realize the market's allocation of resources. In the process of market competition, the level of supply and demand of commodities and the effective dissemination of their information constitute the expectation of market with certain influence. On the basis of this, the supply and demand sides gamble and form the mainstream price in the commodity market. However, unexpected incidents beyond the market expectation have often caused the market price to oscillate sharply, which is not conducive to the smooth operation of the market. From the reserve cotton reserve policy brewing to the announcement of the official release of the entire process, policy-making departments in the joint policy on the basis of the meeting, through different forms of conference platform and decision-making mechanism, between policymaking and market players to form a fast and effective Information exchange channels. In view of the policy focus and difficulties, we should enhance exchange and interaction through information platforms, reach a consensus on basic issues between policy-making departments and industry and market players, guide and scientifically manage market expectations, and reduce the asymmetry between policies and markets. Through the government controllable policies and measures and related mechanisms that indirectly influence the market judgment and expectation of the main cotton market, the market players thus form the business decision-making and maintain the stability of the cotton market as a whole. While promoting the economic growth of the cotton industry and narrowing the economy Periodic fluctuations. The information platform constitutes the "link" between the macroprudential prudential management system of the cotton industry and the carrier of the macro-regulatory mechanism. The Policy of State Reserve Cotton Reservoirs Reserves Grasp the Internal Linkage Rules of Macro-control, Information Platform and Commodity Market, Innovate the Macroscopic Management Model of Cotton Industry, Put Cotton's Macro-control Operation into a Standard, Orderly and Transparent Track, The effective macro-control mechanism.
Third, the innovation formulates the rotation reserve price so that the market plays a decisive role in the State Reserve's cotton allocation. Given the global economic downturn and increasing pressure from the downward pressure on the domestic economy, the continuous release of the State Reserve's cotton to the market is bound to have an impact on the already fragile cotton market, thereby endangering the healthy development of the cotton and textile industries and facing the dilemma of the policy on storage. . How to achieve effective storage of State Reserve cotton?
Scientifically determining the daily rotation volume and setting a reasonable rotation price is the key issue in cracking the issue. The policy department innovated the pricing mechanism of the reserve price of the State Reserve Cotton, allowing the market to play a decisive role in the State Reserve's cotton allocation and maintaining the international competitive strength of the domestic cotton textile enterprises. It adopted the principle of " Spot price linked linkage by the domestic cotton spot price index and the international market, the spot price index of cotton by 50% of the weight of each calculation to determine, once a week to adjust ", while ensuring the out of the reserve price on the market along with the effective formation of domestic and foreign cotton spreads Restrictions.
The policy of storage and transportation injects competitive power into the cotton industry, the locomotive manufacturer of the cotton industry, which in turn has activated the cotton industry chain and has been positively responded by the market and the industry. While the cotton storage of the State Reserve Bank has entered the market, the cotton industry does not occur The bottom line of systemic risk.
Fourth, camera control, to enhance the flexibility and accuracy of the storage policy. Rapid changes are the inherent characteristics of the market. Cotton has already become a variety of commodity futures traded at home and abroad and has an impact on cotton prices. In addition to the cotton market supply and demand, there are still a large number of financial-related factors. The cotton market is full of complexity and uncertainty.
While formulating the relevant principles clearly, the policy lays the appropriate space and layout for pre-tuning and fine-tuning of the subsequent policies without any loss of flexibility. In response to the new changes in the market, the policy of storage policy provides new coping tools to the maximum extent and realizes camera control. Policy departments closely track the market situation, remain vigilant on the issue of emerging issues, be prepared for all kinds of potential risks, respond to market concerns in a timely manner, stabilize market expectations and promote market consensus. Between the launch of the State Reserve cotton and the market, the Company has achieved an accurate and double-matching of the optimized quality structure and the quantity of the scale, ensuring the controllable and efficient policies.