Although the benefits of genetically modified (GM) crops have been well documented, how do farmers manage the risk of new technology in the early stages of technology adoption has received less attention. We compare the total factor productivity (TFP) of cotton to other major crops (wheat, rice, and corn) in China between 1990 and 2015, showing that the TFP growth of cotton production is significantly different from all other crops. In particular, the TFP of cotton production increased rapidly in the early 1990s then declined slightly around 2000 and rose again.