Land of cotton

In Soft landing?, a subscriber-only article:

Since 1999, the Chinese government has relaxed its control of the cotton industry. Farmers no longer have to sell part of their crop at set prices and no longer have the certainty of guaranteed purchases by the state. The government has given up its monopoly over purchasing and distribution. As a result, private traders have surged into the market (though imports and exports remain under state control). And textile manufacturing, once dominated by the state, has become a fiercely competitive industry, with many mills in private hands.

After some talk about futures markets, the writer notes,

Domestic cotton production, restrained by government efforts to turn more land over to grain, will continue to fall short of demand.

Da gummint knows best.