China will strive to improve the market pricing power of bulk commodities

At present, 94 futures and options products have been listed in China, covering agricultural products, non-ferrous metals, steel, energy, chemicals, finance and other major sectors of the national economy. 9 products including crude oil futures have been opened to the outside world, and their international influence has gradually increased. As an important part of the country's modern financial system, the futures market plays an active role. Futures prices can quickly reflect the current and future supply and demand information, industry information and macro information, and then provide an effective reference for government decision-making. For example, in view of the rising prices of bulk commodities this year, futures models can be established to predict market supply and demand conditions and price trends in the future for a period of time, and to study and judge potential risks such as inflation, so as to provide forward-looking signals for the country's macro-control. The China Futures Exchange must seize the favorable opportunity to make good use of the resources of both domestic and international markets to create a good price discovery and risk management platform for Chinese companies' cross-border operations, and help China's ultra-large-scale market advantages and huge domestic demand potential to be fully realized. The futures market should give full play to its own advantages, promote the construction and development of the national carbon emission trading market, actively promote the research and development of carbon futures, and guide the society to rationally allocate emission reduction resources with open, continuous, and forward-looking carbon emissions prices, and help entity enterprises Transition to green and low-carbon.

In addition, market supply should be increased. Give full play to the advantages of the futures market and help build a national carbon emissions trading market. Steadily promote the development and listing of new commodity futures and financial futures. Combining with the large-scale characteristics of China's domestic market, we will actively study the listing of specialty agricultural product futures to promote rural revitalization. Steadily expand, attach importance to the role of option products in risk management, and launch more option products. The futures market should seize the current opportunity to increase services for downstream enterprises and small and medium-sized enterprises, encourage more industrial enterprises such as state-owned enterprises, central enterprises, and listed companies to participate, so as to achieve a joint improvement in the operation quality of the futures market and the effect of industrial customer risk management. Various measures have been taken to attract institutional investors and continue to optimize the market structure. Increase the supply of systems, steadily promote the combined margin business, and establish an inter-exchange settlement risk isolation mechanism. Further solve the problem of continuous activeness of key varieties of contracts, and reduce the barriers to participation of physical enterprises.

Finally, we should continue to expand the scope of specific open products, broaden the open model, and adopt more bonded delivery and cash delivery models to facilitate the participation of international investors. Pay more attention to the in-depth connection between institutional rules and the international market, further promote the institutional opening of the futures market, and at the same time strengthen cross-border supervision and law enforcement cooperation with overseas regulatory agencies. Increase the pricing influence of China's bulk commodity market in the process of opening up, and focus on making breakthroughs in the Asian time zone in soybeans, palm oil, PTA, crude oil and other varieties. . To ensure that the market is stable and orderly. Stability and order is the basis for the effective functioning of the futures market. In recent years, we have implemented joint supervision of the futures and spot markets to prevent excessive speculation and strictly guard against price manipulations, and maintain the authenticity and fairness of futures prices. The futures market has maintained a stable, active, and orderly good posture to manage risks for enterprises. Provide tools to provide references for national macroeconomic management. We must maintain such a good situation.