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北京工商大学学报(社会科学版)摇 摇 摇 摇 2020 年摇 第 4 期

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Review and Prospect on Development of China蒺s Futures Market

HU Yuyue
(Securities and Futures Research Institute, Beijing Technology and Business University, Beijing 100048, China)

Abstract: The futures market is an important epitome in the construction of market鄄oriented mechanism in China蒺s reform
and opening up. In the early 1990s, the futures market “came into being冶 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 consecu鄄
tive years. In the past 30鄄plus years, the variety system oriented to serve the needs of real economy has become increasingly im鄄
proved on China蒺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蒺s industrialization
process has entered the middle and later stage, creating a “strategic window冶 for the futures market to build a global pricing cen鄄
ter. The rapid development of financial technology provides technical support for the futures market to deepen its service to the re鄄
al economy. The impact of “New Regulation on Asset Management冶 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 develop鄄
ment faces more challenges. Looking forward to the future, the nation should elevate the construction of futures market to the lev鄄
el of national strategy, and incorporate the commodity futures into the national construction of the “Belt and Road冶 Initiative for
overall consideration. The industry should implement the futures legislation as soon as possible and consummate the rules and reg鄄
ulations. The structure of investors should be optimized to cultivate the high鄄quality investors.
Key Words: futures market; market鄄oriented reform; opening up to the outside world; resource allocation; pricing center;
functional

(本文责编摇 王沈南)

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