BEIJING, China: The Xinhua-Changshan camellia oil price index, jointly compiled by China Economic Information Service (CEIS) under Xinhua News Agency and the government of Changshan County in Zhejiang Province, was launched on January 6.
“The Xinhua-Changshan camellia oil price index reflects the changes of the factors affecting the whole camellia oil industry chain, which will help to increase the influence and pricing power of China’s camellia oil industry in the world and also boost income for camellia oil farmers,” said Su Huizhi, vice president of CEIS.
The index is based on producer prices of camellia oil companies in Changshan and fully reflects price trends of raw material (upstream), oil products (midstream) and secondary products (downstream). The index starts from 1,000 with the prices in November of 2015 as the base data.
Since the base period, the index witnessed a year-on-year growth. The aggregate price index inched up 79.25 percent in December, 2017 compared to that of the base period. Meanwhile, the price index for raw materials, oil, and by-products surged 63.37 percent, 72.68 percent, and 183.72 percent respectively.
Liu Zhiwei, Executive Vice Secretary-General of the Woody Oil Division of Chinese Forestry Industry Association, said that Xinhua-Changshan camellia oil price index plays a decisive role in the allocation of market resources, improves the efficiency in market operation, and boosts the high-quality development of camellia oleifera seed oil.
CEIS is a wholly-owned company of Xinhua News Agency, and boasts five national-level platforms including Xinhua Finance, Xinhua Silkroad, Xinhua Credit, Shanghai Petroleum and Natural Gas Exchange (SHPGX) and Xinhua Think Tank. Since its restructuring in April 2016, CEIS has launches a series of products with widespread impact.