The China Securities Regulatory Commission (CSRC) recently held a Party Committee (expanded) meeting to convey the spirit of the Fourth Plenary Session of the 20th CPC Central Committee. The meeting emphasized "balancing openness and security, advancing two-way market, product, and institutional openness in an orderly manner, and accelerating the construction of world-class exchanges."
Industry experts noted that accelerating the development of world-class exchanges is crucial for the steady progress of China's futures market internationalization and the rapid formation of a high-quality open market. Futures companies should actively seize opportunities presented by the opening of new futures products to capitalize on market growth.
In recent years, China's five major futures exchanges have made significant strides in building world-class exchanges, particularly in international product offerings. Currently, Qualified Foreign Institutional Investors (QFII) and RMB Qualified Foreign Institutional Investors (RQFII) can trade 104 domestic futures and options products. With the upcoming launch of monthly average price futures for Linear Low-Density Polyethylene (LLDPE), Polyvinyl Chloride (PVC), and Polypropylene (PP) on October 28, the number of internationalized products will increase to 107.
Representatives from futures exchanges stated that steadily expanding high-level openness and accelerating the construction of world-class exchanges remain key objectives for future development.
The Zhengzhou Commodity Exchange (ZCE) plans to deepen research on international products, implement bonded delivery for Purified Terephthalic Acid (PTA), and expand the range of products available to qualified foreign investors. It aims to achieve full openness for the polyester futures sector and enhance cross-border cooperation to strengthen its global pricing influence.
The Guangzhou Futures Exchange (GFEX) will benchmark against world-class exchanges by focusing on green development products aligned with the "dual-carbon" strategy, advancing technology-driven innovation, improving market services, and strengthening operational and regulatory standards.
Industry experts believe that building world-class exchanges and promoting two-way market openness are mutually reinforcing. Futures companies should actively participate in this process by enhancing professional services and supporting market development.
COFCO Futures Vice President Yang Yinghui highlighted that accelerating the construction of world-class exchanges is a strategic goal for China's futures market, crucial for strengthening the country's pricing power in global commodities and financial markets. Futures firms must collaborate with exchanges to provide high-quality services for domestic and international traders.
Anhui Grain Futures Investment Consulting Director Zhong Yuan emphasized that this initiative marks a critical transition for China's futures market from "large" to "strong." Futures companies should seize new opportunities through industrial services and technological innovation to achieve their own transformation.
Guoyuan Futures representatives added that two-way market openness lays the foundation for world-class exchanges, enriching risk management tools for foreign investors and enhancing China's global competitiveness.