Core Viewpoint - The forum emphasized the importance of high-level openness in China's futures market as a key factor in enhancing the interaction between domestic and international markets, supporting national economic development, and improving the global competitiveness of China's futures market [1][2]. Group 1: Market Development and Openness - The futures market in China accounts for over 60% of the global trading volume, indicating its significant position in the international market [1]. - Continuous expansion of openness is seen as a crucial path for the futures market to achieve stability and long-term growth [1]. - The China Futures Association aims to promote high-level openness in the futures market to enhance its ability to serve the national economy and allocate global resources [1][2]. Group 2: Impact on Commodity Pricing and Risk Management - Opening up the futures market is essential for enhancing the influence of commodity prices and providing more futures and options products to the international market [2]. - The demand for risk management and pricing services from domestic and international enterprises is increasing, necessitating the provision of effective hedging tools through an open futures market [2]. - The Zhengzhou Commodity Exchange is committed to advancing openness and optimizing the institutional framework to better serve the real economy and facilitate high-quality development of the futures market [2]. Group 3: Global Market Dynamics - The increasing market volatility is testing the resilience of the global financial system, making risk management more critical [3]. - The development and innovation of China's futures market are aimed at meeting the complex and evolving risk management needs of various institutions [3]. - The consensus among participants at the forum highlighted that openness is not only an internal requirement for market development but also a key driver for stabilizing global supply chains and improving resource allocation efficiency [3].

Core Viewpoint - The continuous promotion of the opening of the futures market in China is crucial for enhancing the pricing influence of bulk commodities and supporting the high-quality development of the real economy [1][2][3]. Group 1: Impact of Opening Futures Market - The opening of the futures market is key to forming a "China price" that reflects supply and demand in the Asia-Pacific market, thereby enhancing China's global pricing influence in major bulk commodity markets [2][3]. - The futures market's high-level opening can reduce cross-border transaction costs for enterprises and promote efficient global allocation and deep integration of industrial and supply chains [2][3]. Group 2: Achievements in Internationalization - China's futures market has achieved significant internationalization, with over 60% of global trading volume in commodity futures, and has maintained a leading position in trading volume for several consecutive years [3][4]. - As of July 2025, there are 24 specific futures products available for foreign participation, and the China Securities Regulatory Commission has removed foreign ownership limits for futures companies, creating a more transparent and stable policy environment [4][5]. Group 3: Future Directions and Strategies - The industry aims to continue expanding the range of specific futures products available for foreign investors, prioritizing mature and controllable risk products for inclusion in the opening list [6][7]. - The China Futures Association will actively participate in the research of cross-border trading and regulatory cooperation to strengthen the institutional foundation for the opening of the futures market [6][7].

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].

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum focused on the role of the futures market in supporting national development and enhancing new productivity, emphasizing the need for the market to contribute to the construction of a strong nation [1] Group 1: Key Initiatives and Focus Areas - The China Securities Regulatory Commission (CSRC) highlighted five key areas for the futures market's development, including enriching product supply, promoting high-level openness, enhancing market services, improving institutional capabilities, and strengthening research-driven development [2][3] - The CSRC aims to launch important energy products like liquefied natural gas and expand the range of futures and options available to qualified foreign investors [2][3] Group 2: Market Integration and Development - The futures market is increasingly integrated into national development strategies, with ongoing research and development of derivatives that meet the needs of the real economy, such as sunflower seed oil and steel products [4] - As of the end of last year, new futures products like polysilicon and casting aluminum alloy have been introduced, broadening the market's service capabilities [4] Group 3: Participation and Engagement - The Zhengzhou Commodity Exchange (ZCE) has listed 47 products, providing a comprehensive toolset for risk management across various industries, with significant participation from companies in sectors like cotton and urea [5] - In 2024, 1,503 A-share listed companies issued hedging announcements, with a participation rate of 28.6%, indicating a growing trend in risk management among listed companies [6] Group 4: International Cooperation and Openness - The ZCE has opened 26 futures and options products to qualified foreign investors, with nearly 170 QFI clients from 12 countries and regions, enhancing domestic and international market linkages [7] - The ZCE plans to deepen international product development and expand the range of tradable products for QFIs, aiming to enhance its global pricing influence [8]

Core Viewpoint - The article emphasizes the importance of the futures market in supporting China's economic development and enhancing risk management capabilities amid global uncertainties [2][4]. Group 1: Key Focus Areas of the Futures Market - The futures market is seen as a professional platform for market-based risk management, especially in the context of increasing global economic uncertainties [2]. - The China Securities Regulatory Commission (CSRC) aims to enhance the futures market's service capabilities to better support the real economy and national strategies [2][3]. Group 2: Five Key Initiatives for the Futures Market - Continuous enrichment of product supply, including the launch of important energy futures like liquefied natural gas [3]. - Promotion of high-level openness in the futures market, increasing the range of futures and options available to qualified foreign investors [3][6]. - Deepening market services to better support enterprises in risk management through futures [3]. - Enhancing the professional capabilities of industry institutions to provide tailored risk management tools for various enterprises [3]. - Strengthening research-driven development to improve the futures market's research capabilities and align with national strategies [3]. Group 3: Integration with National Development - The futures market is increasingly integrated into national development strategies, with ongoing research and development of derivatives that meet the needs of the real economy [4]. - The participation of industrial clients in the futures market has increased, with a reported 12.2% year-on-year growth in daily trading volume for industrial clients in 2024 [4][5]. Group 4: Expansion of Futures Products - Zhengzhou Commodity Exchange (ZCE) has listed 47 products, providing a comprehensive toolset for risk management across various industries [5]. - The participation rate of listed companies in hedging activities has significantly increased, with 1,503 companies publishing hedging announcements in 2024, a 15.7% year-on-year growth [5]. Group 5: Internationalization and Global Engagement - The ZCE has opened 26 futures and options products to qualified foreign investors, enhancing international market engagement [6][7]. - The exchange aims to expand its international product offerings and strengthen global pricing influence through cross-border cooperation [7].

8月19日，由郑州商品交易所与芝加哥商业交易所集团共同主办的2025中国（郑州）国际期货论坛在郑 州开启。在当日下午举行的对外开放分论坛上，与会嘉宾深入探讨了中国期货市场高水平对外开放的路 径与前景。 中国期货业协会党委书记、会长杨光在致辞中表示，期货市场高水平对外开放不仅是构建新发展格局、 增强国内国际两个市场联动效应的关键环节，更是落实党中央决策部署的具体实践。当前我国商品期货 市场成交量占全球总量超六成，交易量连续多年位居世界前列。在此背景下，进一步推动期货市场对外 开放，有助于完善我国期货市场参与者结构、优化市场规则制度体系，推动我国期货市场实现"量质齐 升"，不断增强国际竞争力与影响力。 "持续扩大开放是期货市场行稳致远的重要路径。"面对全球经济秩序的深刻变革，杨光表示，中国期货 业协会将积极推动期货市场高水平对外开放，促进期货行业不断提升服务国民经济、配置全球资源的能 力，为中国式现代化建设与金融强国建设提供有力支撑。 上述郑商所相关负责人表示，未来郑商所将坚定不移推进对外开放，持续探索跨境合作，不断优化制度 体系和环境，推进境内外企业广泛利用期货价格进行贸易定价，更好赋能实体经济，服务期货市场高 ...

期货日报网讯(记者韩乐)8月19日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中国(郑 州)国际期货论坛正式开启。在当日下午举行的对外开放论坛上，中国期货业协会会长杨光在致辞中表 示，当前我国商品期货市场成交量占全球总量超六成，交易量连续多年位居世界前列。在此背景下，进 一步推动期货市场对外开放，有助于完善我国期货市场参与者结构、优化市场规则制度体系，推动我国 期货市场实现"量质齐升"，不断增强国际竞争力与影响力。 杨光表示，作为现代金融体系的重要组成部分，期货市场高水平对外开放不仅是构建新发展格局、增强 国内国际两个市场联动效应的关键环节，更是落实党中央决策部署的具体实践。 "走出去"方面，2006年首批6家期货公司在香港设立子公司后，截至2025年6月，境内期货公司共设立境 外一级子公司22家、二级子公司39家、三级子公司6家，业务覆盖全球主要金融中心，并获得全球主流 大宗商品交易所的交易、清算会员资质，初步具备为客户提供全球范围内综合金融与衍生品服务的能 力。 此外，中国期货市场的开放举措还包括结算价授权合作、跨境商品ETF、交易所境外注册等，这些措施 共同构成了中国期货市场高水平制度型开 ...