The China Paradox: Will China's competitive advantage in cotton continue?

摘要

THE link between the price of oil andcotton acres was highlighted on June 29, 2007, when the U.S. Department of Agriculture released its report of 2007 planted acreage. Farmers in the U.S. responded to the increased demand for corn to produce ethanolby increasing corn acreage 19% over 2006 (the largest area since 1944); cutting cotton acreage by 28% (the lowest acreage since 1989); and cutting soybean acreage by 15%. Even President George W. Bush - not the world's foremost environmentalist - has firmly backed ethanol-favorable policies as a way to reduce America's dependency on oil imports.