Innovate the macro-control of the cotton industry and solve the problems of market operation

The report of the 19th CPC National Congress pointed out that it is necessary to adhere to the direction of socialist market economic reform, let the market mechanism play a decisive role in resource allocation, give better play to the role of the government, optimize industrial policies, and improve macro-control methods. The state reserve cotton rotation policy innovates the macro-control model of the cotton industry, allows the market to play a decisive role in the allocation of cotton resources, and realizes the institutionalized operation of macro-control, which is an active exploration and successful practice to better play the role of the government.
 
The national reserve cotton rotation policy is under the unified leadership of the National Development and Reform Commission and the Ministry of Finance, according to the rotation target, through market research, joint meeting decision-making system and meeting platforms of different scopes and other policy tools, acting on intermediary targets, reasonably guiding and scientifically managing market expectations, regulating and guiding cotton market activities, and achieving the rotation policy goals. Since the 2015 cotton year, the national reserve cotton rotation policy has been implemented in an orderly manner, the reserve cotton inventory has been rapidly digested, the cotton market has operated smoothly, and the benefits of cotton textiles have increased significantly.
 
First, the establishment of the cotton industry macro-control planning and policy mechanism. In the process of planning and formulating the national reserve cotton rotation policy, the policy-making department, on the basis of comprehensive investigation and research, aims at the sensitive and efficient characteristics of macro-policy regulation and control, follows the principles of forward-looking, scientific, continuous and guiding, reasonably grasps the balance between cotton supply and demand and the internal logic between industrial and commercial inventory and market changes, and coordinates the relevant executive entities to scientifically formulate policy principles, round quantity, round time, and round price. During the implementation of the round-up policy, closely track and supervise the operation trend of the industrial chain throughout the whole process, and evaluate the effectiveness of the policy in a timely manner. According to market operation and supply and demand trends, the China Fiber Bureau and China Cotton Reserve, the main body of policy implementation, continuously optimize the quality inspection force of the State Reserve Cotton and the allocation of resources in the State Reserve Cotton Reserve Warehouse to ensure that the round-out policy is fully implemented. The policy department coordinates and adjusts the policy in a timely manner against the round-out target. The round-up policy constitutes the policy planning, formulation, release, implementation, effect evaluation, whole-process supervision and continuous optimization of the policy mechanism operation system. The macro-control policy planning and policy mechanism of the cotton industry constitute the core and main body of the macro-control mechanism.
 
Second, with the information platform as the carrier, an effective macro-control mechanism has been constructed. The market mechanism is mainly composed of a price mechanism, a supply and demand mechanism, a competition mechanism and a risk mechanism. Production and circulation are adjusted through market price information, so as to realize the allocation of resources by the market. In the process of market competition, the level of supply and demand of commodities and the effective dissemination of information constitute market expectations with certain influence. On this basis, the supply and demand sides play games and form the mainstream price of the commodity market. However, unexpected events that exceed market expectations often lead to substantial oscillations in market prices, which is not conducive to the smooth operation of the market. From the brewing of the reserve cotton rotation policy to the official release of the announcement, the policy-making department, on the basis of the joint meeting on the rotation policy, through different forms of meeting platforms and decision-making mechanisms, has formed a fast and effective relationship between policy-making and market players. Information exchange channels. In response to policy focuses and difficulties, through the information platform, exchanges and interactions are enhanced, basic consensus is reached between policy-making departments, industries and market players, and market expectations are rationally guided and scientifically managed, reducing the gap between policies and markets. asymmetry. Through policy measures and related mechanisms that the government can control, it indirectly affects the judgment and expectations of cotton market players on the market. The market players thus form business decisions, maintain the stability of the overall cotton market level, and reduce the economic cycle while promoting the economic growth of the cotton industry. Fluctuations. The information platform constitutes the "link" between the macro-prudential management mechanism system of the cotton industry and becomes the carrier of the macro-adjustment mechanism. The national reserve cotton rotation policy scientifically grasps the internal linkage law of macro-control, information platform and commodity market operation, innovates the macro-governance model of the cotton industry, makes the cotton macro-control operation enter a standardized, orderly and transparent track, and builds an effective macro-control mechanism.
 
Third, innovatively formulate a reserve price in turn, so that the market can play a decisive role in the allocation of state-owned cotton reserves. In the context of the global economic downturn and the increasing downward pressure on the domestic economy, the continuous and large-scale release of state-owned cotton reserves to the market is bound to have an impact on the already fragile cotton market, which in turn endangers the healthy development of the cotton and textile industries. The rotation policy faces a dilemma. How to realize the effective release of state-owned cotton reserves?
 
Scientifically determining the daily round of auctions and rationally formulating the round of reserve prices are the core links in solving the problem. The policy department innovates the pricing mechanism of the reserve price of the national reserve cotton round, so that the market plays a decisive role in the allocation of the national reserve cotton, and maintains the international competitiveness of domestic cotton textile enterprises. Link, determined by the cotton spot price index in the domestic market and the cotton spot price index in the international market, each calculated with a weight of 50%, and adjusted once a week ", while ensuring that the reserve price of the round goes with the market, the price difference between domestic and foreign cotton is effectively restricted.
 
The rotational storage policy has injected competitive strength into the cotton textile industry, the locomotive of the cotton industry, which in turn has activated the cotton industry chain, which has received positive responses from the market and the industry. While the state-owned cotton reserves have been shipped out of the warehouse and entered the market on a large scale, they have kept the cotton industry from systemic risks. bottom line.
 
Fourth, camera regulation to enhance the flexibility and precision of the rotation of storage policy. Rapid change is an inherent feature of the market. Cotton has long been a commodity futures trading variety at home and abroad. The factors that affect cotton prices, in addition to the supply and demand relationship in the cotton market, there are also a large number of financial-related factors. The operation of the cotton market is full of complexity and uncertainty.
 
While the policy clearly formulates relevant principles, it also leaves appropriate space and layout for later policy pre-adjustment and fine-tuning without losing flexibility. In response to new changes in the market, the revolving storage policy provides new response tools in a timely manner to the greatest extent possible, and realizes camera control. The policy department closely tracks the market situation, remains alert to emerging problems, is prepared for various latent risks, responds to market concerns in a timely manner, stabilizes market expectations, and enhances market consensus. Between the release of state-owned cotton and the market, an accurate double matching of optimized quality structure and scale and quantity has been achieved, which ensures the controllability and efficiency of the policy.