“The country usually issues the additional import quotas, which are
subject to a sliding tax scale of between 5 and 40 percent, in several
batches from year-end, but the volume in the first batch for 2011 was
higher than those issued during the same period in previous years. “The
higher volume will help to ease pressure from local demand, which is
boosted by an expanding shortage in 2010/11,” said Guo Rongmin, China
business manager with Cotlook Ltd, publisher of Cotton Outlook. “We have
been waiting for the quotas for some time, as we have finished
purchases from the United States,” said a vice-president at a top
state-owned textile company. ” “..
The government would be more active in issuing cotton import quotas next
year to allow companies to import when necessary, as many had missed
good buying opportunities this year because of slow quota issuance, he
added.
”
Date:12/30/2010
Source:Al Youm AL Sabaa Newspaper