@@China started the market-based reform of cotton in the late 20th century and early 21st century. According to the relevant document of the State Council, the guidance and target of the reform is to "establish gradually a new system for rational allocation of cotton resources mainly depending on the market mechanism under the national macro control"①. As per analysis, it is of two meanings:(1) establishment of market mechanism is the basic mode for allocating cotton resources, particularly in "improving the formation mechanism of cotton prices, expanding the channel of cotton business, changing the operation mechanism of cotton enterprises, reducing the circulation cost and establishing a new productionsale relationship"② (2) emphasize on the important position of national macro control in the process of reform, specifying that the national macro control adopts the two means of export and reserve with the purpose to "regulate the supply-demand relation and pricing level of cotton".
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