一、储备棉消化总体思路
国家储备棉消化主要按照“不对称轮换、先轮出后轮入、多轮出少轮入”的方式进行操作，具体遵循以下四方面原则：
一是有利于促进产业持续健康发展。统筹考虑国内
二是有利于引导市场平稳运行。储备棉消化要遵循市场规律，轮出保持常态化和机制化，轮入也随行就市，稳定市场预期，方便企业提前规划生产经营。
三是有利于减轻财政负担。尽可能多轮出、少轮入，妥善做好储备棉消化；改进操作方式，提高工作效率，尽可能减少财政支出。
四是有利于完善棉花储备调控机制。及时总结经验，健全完善动态、规范的储备棉轮入轮出机制，规范储备管理，不断提高储备调控效率。
二、储备棉轮出有关安排
（一）轮出方式。储备棉轮出原则上通过全国棉花交易市场以公开竞价的方式挂牌销售，如有需要国家将增加其他指定的交易平台开展储备棉交易。
（二）轮出时间。原则上每年3月至8月国家法定工作日均安排储备棉挂牌竞价销售。当年9月至下一年2月新棉集中上市期间暂停储备棉轮出。
（三）轮出数量。正常情况下每日储备棉挂牌销售数量不超过5万吨，具体轮出数量以实际成交为准。如一段时期内国内外市场价格出现明显快速上涨，储备棉竞价销售成交率一周有三日以上超过70%，将适当加大挂牌销售数量。储存时间长的棉花优先安排轮出。
（四）轮出价格。储备棉轮出销售底价随行就市动态确定，原则上挂牌销售底价与国内外棉花现货价格挂钩联动，由国内市场棉花现货价格指数和国际市场棉花现货价格指数各按50%的权重计算确定，每周调整一次（具体计算公式见附件）。
（五）公证检验。轮出的储备棉由中国纤维检验局组织对质量和重量进行全面公证检验。
三、储备棉轮入有关安排
为 优化储备棉库存品质结构，在储备棉轮出后少量轮入高品质棉花。轮入时间，集中安排在新棉上市期间（当年9月至下一年2月）。轮入数量，主要根据上一年度储 备棉实际轮出情况和当年度棉花市场供需状况确定，原则上*多不超过上年度实际轮出数量的30%。如新棉上市后市场供应偏紧，将不安排储备棉轮入。轮入价 格，随行就市。具体安排届时另行公布。
四、2015/2016年度储备棉轮出有关安排
为了给市场棉花销售留出一定的空间，实现向新机制消化储备棉平稳有序过渡，2015/2016年度储备棉轮出在遵循上述有关安排的同时，对轮出时间和轮出数量作如下细化规定：
（一）从5月份开始轮出。具体轮出时间为2016年5月3日-2016年8月31日的国家法定工作日。
（二）轮出总量不超过200万吨。原则上每日挂牌销售数量不超过3万吨，优先安排进口棉轮出。
五、其他规定
（一）为做好储备棉轮出工作，中国储备棉管理总公司、全国棉花交易市场和中国纤维检验局将制定储备棉出库、竞价交易、公证检验等方面的相关实施细则，并通过各自官网和全国棉花交易市场网站（www.baijiantest.com）对外公布。
（二）在储备棉消化过程中，如国内外棉花市场发生重大变化，国家发展改革委和财政部将根据国务院有关精神，对储备棉消化相关安排作适当调整和完善，届时另行公布。
特此公告。
财 政 部
2016年4月15日
Approved by the State Council, the national development and Reform Commission, the Ministry of Finance decided this year to gradually digest the state reserve cotton inventory, the scale of reserves will be adjusted to a reasonable level. The relevant matters are hereby announced as follows:
First, the overall thinking of the digestion of cotton reserves
National reserve cotton digest mainly in accordance with the "asymmetric rotation, the first round out of the rear wheel, multi wheel out of the small round" approach to the operation, the following four aspects of the specific principles:
First, is conducive to promoting the sustained and healthy development of the industry. Overall consideration the cotton planting and the development of the textile industry, processing good stabilizing cotton production and digest reserves cotton, expand textile and cotton demand and promote the transformation and upgrading of the industrial relations, promote the cotton production, circulation, processing coordinated development.
Two is conducive to the smooth operation of the market to guide. Cotton reserves digestion to follow the market rules, round out the normalization and mechanism, turn into are stationary, stable market expectations, to facilitate enterprise advance planning production and operation.
Three is conducive to reducing the financial burden. As much as possible, to reduce the number of rounds, properly do a good job in the digestion of cotton reserves, improve the operation mode, improve work efficiency, as much as possible to reduce the financial expenditure.
Four is conducive to improve the cotton reserve regulation mechanism. Sum up experience in a timely manner, improve and perfect the dynamic, standardized reserve cotton wheel mechanism, regulate the reserve management, and constantly improve the efficiency of reserve regulation.
Two, the reserve cotton wheel out of the arrangement
(a) wheel out of the way. Reserve cotton in principle, through the national cotton trading market in the way of public bidding for sale, if there is a need for the country will increase the other designated trading platform to carry out reserve cotton transactions.
(two) wheel out of time. In principle, from March to August each year, the state statutory daily arrangements for the sale of reserve cotton. In September of that year to February next year listed on the suspension of cotton cotton reserves round out.
(three) the number of wheel. Under normal circumstances, the number of daily reserve cotton listing is not more than 50 thousand tons, the number of specific rounds to the actual transaction as the standard. If a period of time in both domestic and international market prices rapidly rising, cotton reserves auction sales turnover rate a week three, more than 70%, will be appropriate to increase the sales number listed. A long storage time of cotton priority arrangement wheel out.
(four) round out price. Cotton reserves round out the sales price Suihangjiushi dynamically determined, the principles listed sales price and the domestic and foreign cotton spot price linked to the linkage and by domestic cotton spot price index and international market cotton spot price index, according to 50% of the weight calculation and determination of adjusted once a week (see Annex for the specific calculation formula).
(five) notarization inspection. Round out of the reserve cotton by the China textile fiber inspection agency to conduct a comprehensive inspection of quality and weight.
Three, the reserve cotton wheel into the arrangement
In order to optimize the stock quality structure, a small amount of high-quality cotton is produced in a small round after the cotton. Turn into the time, focus on arrangements during the new cotton market (the year of September to February next year). According to the number of wheel in the last year, according to the actual situation of cotton reserves and when the annual cotton market supply and demand situation is determined, in principle, up to no more than 30% of the actual number of the actual round of the year. After the listing of new cotton market supply is tight, will not turn into the arrangement of cotton reserves. Turn into the price suihangjiushi. Specific arrangements will be announced at the appointed time.
Four, 2015/2016 annual reserve cotton wheel out of the arrangements
In order to give the cotton market sales set aside some space to achieve new digestion mechanism cotton reserves to a smooth and orderly transition, in 2015 / 16 year reserve cotton round out in accordance with the relevant arrangements at the same time, to round out the time and quantity for the following detailed provisions:
(a) from the beginning of May. Specific round out time for the August 31st -2016 May 3, 2016 national legal working day.
(two) the total amount not exceeding 2 million tons. In principle, the daily listing of the number of sales is not more than 30 thousand tons, priority arrangements for the import of cotton.
Five, other provisions
(a) to do a good job in the reserve cotton round work, Chinese Cotton Reserves Corporation, the national cotton trading market and China Fiber Inspection Bureau will develop reserve cotton outbound, auction, Notary Inspection related implementation details, and announced through their official website and national cotton trading city field sites www.baijiantest.com.
(II) in the digestive process of cotton reserves, such as domestic and international cotton market has undergone major changes, the national development and Reform Commission and the Ministry of finance according to the spirit of the State Council, to arrange the cotton reserves digestion as adjust and perfect, then published separately.
Hereby announcement.
National reserve cotton wheel out of the reserve price calculation formula.Pdf
National Development and Reform Commission
Ministry of Finance
April 15, 2016
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