中国期货市场的发展回顾与展望

Review and Prospect on Development of China's Futures Market

中文关键词:  期货市场  市场化改革  对外开放  资源配置  定价中心  功能发挥

英文关键词:futures market  market-oriented reform  opening up to the outside world  resource allocation  pricing center  functional

中文摘要:

      期货市场发展是中国改革开放进程中市场化机制建设的重要缩影。20世纪90年代初,为解决市场价格问题,期货市场“应运而生”,此后经历了混乱发展和清理整顿,于2000年以后规范发展。目前,已批准上市品种80个,商品期货成交量连续10年位居全球首位。30余年以来,以服务实体经济需求为导向,中国期货市场的品种体系日益健全；监管机制不断创新,交易规则独具特色,服务国民经济的功能持续深化；随着对外开放步伐的逐渐加快,期货市场更好地为战略资源全球配置保驾护航。当前,中国工业化进程已进入中后期,为期货市场建设全球定价中心创造“战略窗口”；金融科技的快速发展,为期货市场深化服务实体经济提供技术保障。然而,“资管新规”对期货市场冲击明显,财富管理功能发挥面临限制；并且,全社会的期货普及程度依然不足,期货发展理念备受挑战。展望未来,国家层面应将期货市场建设提升至国家战略高度,将商品期货纳入国家“一带一路”建设中统筹考虑；行业层面应尽快落实期货立法、完善规章制度,优化投资者结构、培育优质投资者。

英文摘要:

      The futures market is an important epitome in the construction of market-oriented mechanism in China's reform and opening up. In the early 1990s, the futures market “came into being” to solve the market price problem. Since then, it has experienced the chaotic development and rectification, with a normative and rapid development after 2000. At present, 80 listed commodities have been approved, and the trading volume of commodity futures has ranked the first in the world for ten consecutive years. In the past 30-plus years, the variety system oriented to serve the needs of real economy has become increasingly improved on China's futures market. The regulatory mechanism is constantly innovating, the transaction rules are unique, and the function to serve the national economy continues to deepen. With the gradually accelerated pace in opening up to the outside world, the futures market provides an escort for the global allocation of strategic resources. At present, China's industrialization process has entered the middle and later stage, creating a “strategic window” for the futures market to build a global pricing center. The rapid development of financial technology provides technical support for the futures market to deepen its service to the real economy. The impact of “New Regulation on Asset Management” on the futures market is obvious, and the function of wealth management is limited. More importantly, the popularity in the whole society is still insufficient, the concept of futures development faces more challenges. Looking forward to the future, the nation should elevate the construction of futures market to the level of national strategy, and incorporate the commodity futures into the national construction of the “Belt and Road” Initiative for overall consideration. The industry should implement the futures legislation as soon as possible and consummate the rules and regulations. The structure of investors should be optimized to cultivate the high-quality investors. 