专题系列报道四：“郑州方案”：全球定价新范式的崛起

Core Viewpoint - The Zhengzhou Commodity Exchange has successfully positioned itself as a key player in China's futures market opening process, establishing a unique "Zhengzhou Plan" that enhances China's influence in the global commodity pricing system [1] Group 1: Market Positioning and Strategy - The Zhengzhou Commodity Exchange strategically chose PTA and oilseed products as the initial focus for opening up due to China's dominant position in the global PTA production and consumption market, as well as its leadership in the vegetable oil import and consumption sectors [2] - Since the listing of PTA and oilseed futures, the market scale has steadily expanded, with positive external evaluations and deep participation from industry enterprises, laying a solid foundation for future openness [2] Group 2: Institutional Innovations - The "Zhengzhou Plan" has made breakthroughs by exploring an institutional opening path suitable for the local market, including optimizing delivery rules and increasing the variety of delivery methods to facilitate foreign enterprises' participation [3] - The Zhengzhou Commodity Exchange has actively promoted the listing of related futures and options in the polyester sector, modified delivery rules, and expanded the range of tradable products for qualified foreign investors [3] Group 3: Deepening International Cooperation - In recent years, the Zhengzhou Commodity Exchange has deepened its openness in oilseed products, including incorporating imported rapeseed meal into the delivery category, which has significantly stabilized the supply chain [4] - The exchange has also made regulatory adjustments to facilitate foreign traders' participation in specific products, enhancing risk management for import enterprises [4] Group 4: Global Trade and Strategic Impact - The "Zhengzhou Price" is expected to gain broader cross-border application as China deepens supply chain cooperation with countries involved in the Belt and Road Initiative, addressing the mismatch between trade scale and pricing influence [5] - The internationalization of the Zhengzhou futures market is seen as a reflection of national strategy and a reshaping of the global economic landscape, with the potential to enhance China's pricing power in major commodities [5] Group 5: Challenges and Future Directions - The internationalization of the Zhengzhou futures market faces challenges such as regulatory discrepancies and exchange rate volatility, which require differentiated opening strategies and tailored services for various types of foreign traders [6] - The establishment of a more extensive range of futures and options products based on China's industrial advantages is essential for the future development of the Zhengzhou Commodity Exchange [6]