Core Viewpoint - The recent policy from the Ministry of Commerce encourages innovation in bulk commodity spot trading, indicating a shift towards a more regulated and standardized market that supports the real economy [1]. Group 1: Regulatory Framework - The regulatory focus on bulk commodity spot trading emphasizes the importance of medium and long-term trading, which includes capacity pre-sale and order trading as key innovative directions [2]. - The "Document No. 37" issued by the State Council defines medium and long-term trading in bulk commodities, allowing for electronic centralized trading without the necessity of physical delivery [3]. - The "Document No. 38" restricts centralized trading methods for standardized contracts unless approved by the State Council or relevant regulatory bodies, indicating a need for clarity in the distinction between spot and futures trading [3]. Group 2: Market Practices - The "Special Regulations on Commodity Spot Market Trading" outlines that trading objects include physical goods and related certificates, while illegal futures trading is identified based on the purpose and form of the transactions [4]. - The essence of medium and long-term trading lies in its ability to mitigate risks and facilitate the transfer of ownership of physical goods, distinguishing it from futures trading which primarily focuses on risk management and price discovery [5]. Group 3: Innovation and Development - There is a call for breaking the current regulatory constraints that prohibit the use of standardized contracts and centralized trading methods, which could hinder the liquidity and innovation of the bulk commodity spot trading market [8]. - The recommendation is to adopt a regulatory approach that promotes development and innovation while ensuring compliance, rather than relying solely on prohibitive measures [9]. Group 4: Institutional Mechanisms - A proposed regulatory framework suggests a centralized rule system with local implementation, emphasizing accountability in the approval and regulatory processes for bulk commodity trading [10].