Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the role of the futures market in supporting the internationalization of the polyester industry, emphasizing the positive impact of government policies on market openness and participation from global clients [1][2]. Group 1: Policy and Market Development - The Central Committee of the Communist Party and the State Council issued a policy in April 2025 to enhance the strategic implementation of free trade zones, focusing on the opening of specific futures varieties and exploring diversified pathways for internationalization [1]. - As of July 2025, over 760 overseas clients from more than 30 countries and regions have opened accounts in the Chinese futures market, indicating strong trust from global industry players [1]. Group 2: Industry Impact and Future Outlook - The use of Chinese polyester futures and options tools has effectively optimized storage and logistics costs for exports, enhancing the global market share and international pricing power of Chinese polyester products [1]. - Looking ahead, the integration of China's petrochemical industry is expected to further enhance the pricing capabilities of bulk commodities, supporting the global development of Chinese enterprises [2].

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].

Group 1 - The global derivatives market is undergoing profound changes, with Asian exchanges emerging as dominant players in commodity trading [3] - Chinese exchanges have significantly increased their influence in the agricultural futures sector, holding four positions in the top ten global commodity exchanges as of 2023 [3] - From 2012 to 2024, Asian agricultural futures and options trading volumes have experienced exponential growth, establishing Asia as the core growth area for global agricultural derivatives trading [3] Group 2 - The Zhengzhou Commodity Exchange is presented with a substantial opportunity to enhance the international influence of bulk commodity pricing [3] - As market openness deepens and infrastructure improves, Chinese futures prices are expected to play a more critical role in the global bulk commodity pricing system, providing efficient and transparent pricing benchmarks and risk management tools for cross-border trade [3]