Cotton planting decreases on labor costs, revenue
China produced 6.31 million tons of cotton in 2013, down 7.7 percent from the prior year, CNCotton.com reported Thursday, citing customs data. Cotton acreage in the world’s top producer and consumer of the fiber has been declining significantly as labor costs rise and farmers switch to more profitable crops. Chinese growers are expected to cut their cotton planting by 9 percent this year, according to a survey by the China Cotton Association published this month. rose 10.9 percent to 13.97 trillion yuan, the Ministry of Finance said on Thursday. Receipts from domestic value-added tax grew by 9 percent last year to 2.88 trillion yuan, while domestic consumption tax receipts rose 4.5 percent to 823 billion yuan, the ministry said.