Core Viewpoint - The 2025 Shanghai Derivatives Market Forum emphasizes the importance of the futures market in stabilizing the macro economy and enhancing its functions to better serve the real economy [2][3][4]. Group 1: Service to the Real Economy - The mission of serving the real economy remains unchanged, requiring the futures market to enhance its functions and create a virtuous cycle with industries, thereby improving service efficiency and precision [3]. - The futures market should deepen the linkage between spot and futures markets, guiding resources towards high-efficiency sectors to promote high-quality development and address resource misallocation [3]. Group 2: High-Level Opening Policies - The policy of high-level opening remains unchanged, with a focus on promoting comprehensive institutional opening to better support enterprises in expanding internationally and attracting quality foreign participants [3][5]. - The futures market aims to enhance the international influence of Chinese futures prices, contributing to the establishment of a new competitive advantage in an open economy [3]. Group 3: Risk Prevention and Management - The bottom line of risk prevention remains unchanged, with an emphasis on strengthening political guidance and integrating regulatory aspects to enhance risk management capabilities [4]. - The market should diversify its product offerings to support traditional industries and foster emerging sectors, providing effective risk management tools for enterprises [4]. - Continuous improvement of service quality is essential, with tailored strategies for different products to enhance enterprises' willingness and ability to manage risks through the futures market [4]. Group 4: Expanding Cooperation and Open Markets - The commitment to expanding openness and deepening win-win cooperation is emphasized, with plans to broaden the range of specific products available for foreign participation [5]. - The goal is to enhance cross-border delivery capabilities and position Chinese futures prices as a global trade benchmark, attracting advanced resources [5]. Group 5: Unique Functions of Shanghai Futures Market - The Shanghai futures market plays a unique role in enhancing the city's capabilities while achieving steady development, such as the launch of the shipping index futures providing risk management tools for logistics companies [6]. - Ongoing development of the Sci-Tech 50 stock index futures and options aims to better serve the high-level development of technology enterprises [6].

Group 1 - The recent policy document emphasizes the opening of the futures market, focusing on specific domestic futures products, which is expected to enhance market development and attract more domestic and foreign investors [1] - The current global commodity pricing power is dominated by Western markets, and there is a pressing need for China to enhance its influence in the international commodity futures market to stabilize its supply chain and promote high-quality economic development [2][3] - The authorization of domestic futures product settlement prices to foreign exchanges is seen as a way to increase the international dissemination and influence of Chinese futures prices, making "Chinese prices" a significant reference in global commodity trade [2] Group 2 - The diversification of the futures market is anticipated to improve its competitiveness, transparency, and stability, necessitating a gradual exploration of suitable opening paths based on market conditions and investor needs [3] - The China Securities Regulatory Commission has been steadily promoting the opening of the futures market, with plans to expand the range of tradable products for qualified foreign institutional investors, increasing the number of futures and options products available [4] - The number of effective foreign clients in China's futures market has seen a 17% year-on-year increase, while the participation of foreign clients in trading has also grown, with a 28% increase in their positions [4] Group 3 - The opening of the futures market is directly related to China's financial market competitiveness and influence, with expectations that it will attract more international capital and promote the prosperity of the domestic financial market [5] - The increasing diversity of opening paths for the futures market is expected to broaden its service scope for the national economy and enhance the influence of "Chinese prices" in international markets [5]

中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》。《意见》明确，要推动数据高效 便利安全流动，建立健全数据要素市场规则，提升数据跨境流动便利化水平。要构建高效畅通开放通 道，提升航运服务水平，强化陆运空运辐射能力。允许以保税物流方式开展不同税号的高、低硫燃料油 混兑调和业务。允许液化天然气作为国际航行船舶燃料享受保税政策。要深化金融领域开放创新，推动 金融服务实体经济，有序扩大金融开放。扩大跨国公司本外币一体化资金池业务试点。支持符合条件的 自由贸易试验区开展合格境外有限合伙人试点。推进以境内期货特定品种为主的期货市场开放，扩大特 定品种范围，探索境内期货产品结算价授权等多元化开放路径。要实施更加积极开放有效人才政策，创 新人才培育使用机制，促进人员往来便利化。 ...