Continuously enhancing the ability to serve national strategy and the real economy: From the perspective of development practice in the new era, the growth path of China's characteristic futures market
2023-11-30
The futures market, a niche market that is not familiar to ordinary people, has become a professional financial market for physical enterprises to manage production and operational risks due to its natural commodity trading attributes. China's modern futures market has a development history of over 30 years. Providing characteristic financial services closely around the real economy, such as hedging, price discovery, basis trading, and warehouse receipt pledging... These futures terms may be unfamiliar to ordinary people, but they are familiar to many real enterprises and even large agricultural growers. The futures market is a product of the development of the commodity economy to a certain stage. Physical enterprises can enter the market to purchase or sell related products in advance, locking in costs or profits. In 1990, the establishment of Zhengzhou Commodity Exchange opened the way for the development of China's modern futures market. Subsequently, Dalian Commodity Exchange, Shanghai Futures Exchange, and China Financial Futures Exchange were successively approved for establishment. In April 2021, the Guangzhou Futures Exchange was officially listed and established. At this point, China's futures market has formed a pattern of five major futures exchanges standing side by side. The achievements of China's futures market, from being a new phenomenon to continuously increasing its influence, are commendable. Since the 18th National Congress of the Communist Party of China, with the explosive growth of the real economy's demand for risk management of raw material procurement and sales, China's futures market has shown a good trend of high-quality development, with solid and steady steps. As of the end of October 2023, China has listed a total of 131 futures and options, covering major sectors of the national economy such as agricultural products, metals, energy, chemical industry, and finance. Among them, 104 varieties were launched after 2012. Since 2012, the trading volume in the entire market has doubled, the holdings have tripled, and the total market funds have increased from 200 billion yuan to over 1.5 trillion yuan. According to trading volume statistics, China has the world's largest chemical and steel futures market, the second largest agricultural and non-ferrous metal futures market, and the third largest crude oil futures market. Adhering to the combination with China's actual situation, the futures market effectively serves the "vegetable basket" and "fruit basket" of Chinese residents, and has listed globally unique apple, jujube, peanut futures and live delivery pig futures; Based on the characteristics of China's entire industrial chain, industrial futures products cover primary products, intermediate products, and terminal products, and have initially established a unique global hedging tool system for the entire industrial chain in the chemical and steel industries. Make good use of the "niche market" to serve the "big market" of the national economy. In the futures market, enterprises can establish virtual inventory, save a large amount of working capital, and achieve direct production and sales, reducing inventory costs; Adopting trading pricing models such as point price trading and basis trading based on futures prices, greatly saving spot trading costs for enterprises; By using business models such as warehouse receipt pledging and risk management company cooperation hedging, enterprises can expand their financing channels and increase their credit limits
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：XinhuaNet
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