In most other scenarios, the projected increase in world cotton price will be considerably smaller (Jales 2010). China has emerged as a major cotton importer, absorbing an increasing share of the C4 exports - 45 per cent in 2011 (Figure 7.12). Indeed, the hike in cotton price in 2011/12 is largely attributed to massive purchases by China to rebuild its national reserves even as global stocks increased and demand dwindled.