Core Viewpoint - The "Zhengzhou Price" has gained international recognition and serves as a benchmark for cross-border trade, particularly in the PTA (Purified Terephthalic Acid) market, following the introduction of foreign traders to the futures market in 2018 [1][5][6]. Industry Development - The PTA industry in China has evolved from reliance on foreign technology to becoming a globally competitive sector, with annual production capacity increasing from over 49 million tons in 2020 to 86 million tons in 2024, and net exports rising from 230,000 tons to 4.4 million tons, a growth of 1813% [3][9]. - The introduction of PTA futures has allowed for a more transparent pricing mechanism, moving away from traditional pricing models that lacked real-time references and were prone to inaccuracies [4][5]. Market Dynamics - The "Zhengzhou Price" has become a crucial reference for negotiations between domestic and foreign companies, enhancing China's influence in the global market [5][6]. - The shift from fixed pricing to a futures-based pricing model has improved price transparency and reduced negotiation times from an average of 10 days to 1 day [8]. International Impact - The influence of "Zhengzhou Price" has expanded beyond regional references to become a global pricing benchmark, with significant adoption in international trade for commodities like vegetable oil and meal [7][8]. - The correlation between Zhengzhou futures prices and international benchmarks has increased, indicating a growing acceptance of Chinese pricing in global markets [8][9]. Future Outlook - The continued expansion of futures products and their international influence is expected to enhance the depth and breadth of "Zhengzhou Price" services globally, aligning with China's commitment to openness in its financial markets [9].