Core Viewpoint - The Zhengzhou Commodity Exchange has successfully positioned itself as a key player in China's futures market opening process, establishing a unique "Zhengzhou Plan" that enhances China's influence in the global commodity pricing system [1] Group 1: Market Positioning and Strategy - The Zhengzhou Commodity Exchange strategically chose PTA and oilseed products as the initial focus for opening up due to China's dominant position in the global PTA production and consumption market, as well as its leadership in the vegetable oil import and consumption sectors [2] - Since the listing of PTA and oilseed futures, the market scale has steadily expanded, with positive external evaluations and deep participation from industry enterprises, laying a solid foundation for future openness [2] Group 2: Institutional Innovations - The "Zhengzhou Plan" has made breakthroughs by exploring an institutional opening path suitable for the local market, including optimizing delivery rules and increasing the variety of delivery methods to facilitate foreign enterprises' participation [3] - The Zhengzhou Commodity Exchange has actively promoted the listing of related futures and options in the polyester sector, modified delivery rules, and expanded the range of tradable products for qualified foreign investors [3] Group 3: Deepening International Cooperation - In recent years, the Zhengzhou Commodity Exchange has deepened its openness in oilseed products, including incorporating imported rapeseed meal into the delivery category, which has significantly stabilized the supply chain [4] - The exchange has also made regulatory adjustments to facilitate foreign traders' participation in specific products, enhancing risk management for import enterprises [4] Group 4: Global Trade and Strategic Impact - The "Zhengzhou Price" is expected to gain broader cross-border application as China deepens supply chain cooperation with countries involved in the Belt and Road Initiative, addressing the mismatch between trade scale and pricing influence [5] - The internationalization of the Zhengzhou futures market is seen as a reflection of national strategy and a reshaping of the global economic landscape, with the potential to enhance China's pricing power in major commodities [5] Group 5: Challenges and Future Directions - The internationalization of the Zhengzhou futures market faces challenges such as regulatory discrepancies and exchange rate volatility, which require differentiated opening strategies and tailored services for various types of foreign traders [6] - The establishment of a more extensive range of futures and options products based on China's industrial advantages is essential for the future development of the Zhengzhou Commodity Exchange [6]

Core Viewpoint - The article emphasizes the increasing international influence of the "Zhengzhou Price" in the global commodity market, particularly through the opening of China's futures market and the introduction of foreign participants in various futures contracts, enhancing price transparency and risk management for domestic and international enterprises [1][21][25]. Group 1: Development of Zhengzhou Futures Market - Since 2018, the Zhengzhou Commodity Exchange (ZCE) has made significant strides in internationalizing its futures market, particularly with PTA futures, which has become a key pricing reference for cross-border trade [5][21]. - The introduction of foreign participants has led to the establishment of a more transparent pricing mechanism, allowing companies to lock in prices and manage risks more effectively [6][10][12]. - The ZCE's initiatives, such as the introduction of bonded delivery and export-type delivery systems, have facilitated smoother cross-border transactions and enhanced the efficiency of international trade [9][23]. Group 2: Impact on Industries - The PTA industry in China has transformed from a reliance on foreign technology to becoming a globally competitive sector, with annual production capacity projected to increase from over 49 million tons in 2020 to 86 million tons by 2024 [3][4]. - The "Zhengzhou Price" has gained recognition among global traders, with significant percentages of international trade in commodities like palm oil and peanuts now referencing Zhengzhou futures prices [7][8]. - The shift from fixed pricing models to futures-based pricing has improved price transparency and reduced negotiation times in international contracts [7][8][18]. Group 3: Future Prospects - The ZCE aims to expand its international influence by introducing more futures products and enhancing its delivery mechanisms, which will further integrate the Chinese futures market into the global trading system [15][26]. - The ongoing development of the "Zhengzhou Plan" is seen as a pathway for establishing a new global pricing paradigm, leveraging China's position as a major consumer and trader of various commodities [21][22]. - The collaboration between domestic and international enterprises is expected to deepen, with the futures market serving as a critical tool for risk management and price discovery in the evolving global trade landscape [25][30].

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) has successfully positioned itself as a key player in the internationalization of China's futures market, utilizing the "Zhengzhou Plan" to enhance the global pricing influence of Chinese commodities, particularly in the PTA and oilseed sectors [2][4][6]. Group 1: Market Positioning and Strategy - ZCE's strategic choice to prioritize PTA and oilseed futures for internationalization is based on China's dominant role in the global industrial chain [3][4]. - China is the largest producer and consumer of PTA and plays a significant role in the global vegetable oil market, providing a solid foundation for the authority and international influence of futures prices [4][5]. Group 2: Institutional Innovations - The "Zhengzhou Plan" has introduced a market-oriented approach to open up the futures market, including optimizing delivery rules and enhancing services for foreign enterprises [4][5]. - Specific measures include the inclusion of imported rapeseed meal in the delivery category and the introduction of new contracts to meet the risk management needs of importers [5][6]. Group 3: Global Trade and Economic Impact - The expansion of "Zhengzhou prices" in trade with RCEP and Belt and Road Initiative countries signifies a growing internationalization of China's futures market, reflecting a shift in global economic dynamics [6][7]. - The ZCE's efforts align with national strategies to enhance pricing influence in international commodity markets, leveraging domestic and international resources [6][8]. Group 4: Challenges and Future Directions - The internationalization of the Zhengzhou futures market faces challenges such as regulatory discrepancies and exchange rate fluctuations [7]. - A differentiated opening strategy is proposed to address these challenges, focusing on prioritizing competitive products and varying access standards for different types of foreign traders [7][8].