持续推动期货市场高水平对外开放助力大宗商品定价与产业链稳定

Core Viewpoint - The continuous promotion of the opening of the futures market is crucial for enhancing the pricing influence of bulk commodities and supporting the high-quality development of the real economy [1][2]. Group 1: Impact of Opening Futures Market - The opening of the futures market is essential for forming a "China price" that reflects supply and demand in the Asia-Pacific market, thereby enhancing China's global pricing influence in key bulk commodity markets [1][2]. - China's commodity futures market accounts for over 60% of the global total trading volume, indicating its leading position in the world [2]. - The opening of the futures market provides effective risk management tools for domestic and foreign enterprises, facilitating cross-border trade with fair pricing benchmarks [2][3]. Group 2: Internationalization Progress - Since the launch of the first open futures product, crude oil futures, in 2018, a diverse product system covering energy, metals, agricultural products, and shipping has been established, with 24 specific products available as of July 2025 [3]. - The removal of foreign ownership limits for futures companies has created a transparent and stable policy environment, allowing foreign institutions to achieve 100% ownership [3]. - As of June 2025, Chinese futures companies have established 22 first-level subsidiaries, 39 second-level subsidiaries, and 6 third-level subsidiaries overseas, enhancing their global presence [3]. Group 3: Future Directions for Opening - The futures market will continue to expand its specific product offerings and optimize the participant structure to attract global traders [4][5]. - The industry will focus on improving cross-border transaction regulations and enhancing the protection mechanisms for both domestic and foreign traders [5]. - The Zhengzhou Commodity Exchange will persist in exploring cross-border cooperation and optimizing the institutional environment to better serve the high-quality development of the real economy [5].