17 twists and turns before the visit of the Chinese experience in the radiance of the highlights value _ _ _ Sina Sina Financial Network
Posted on Sep-30-2007 · by china investor ( china investor had published 8860 articles)
Liu Yuan
　　ä¸å›½å·²ç»å¼€å§‹è€ƒè™‘在期货市场引入QFIIå’ŒQDII制度，期货市场有望进一æ¥å¯¹å¤–开放。 The futures market in China's history, has never been such a concern today
On October 12, 1990 China Zhengzhou Grain Wholesale Market in the long-term spot>After 17 stormy experience, the Chinese futures market in twists and turns steady progress achieved a series of remarkable results, is becoming the healthy development of the national economy escorting weapon.
17 years ago, although China's futures market has experienced twists and turns in the process, but before a lifeboat firm and prudent.
According to the Chinese Futures Industry Association statistics, in 1993 China's futures market volume was 8.9 million hand, in 2006 turnover was 449.47 million hand, a growth of 49 times; Futures market turnover in 1993 amounted to 552.199 billion yuan in 2006, the turnover reached 21.004632 trillion yuan, a growth of 37 times .
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Futures Market Initially, the imperfect legal system, the lack of deep understanding of futures and longs control blind development and haphazard development, which played in the Futures chaotic situation. Domestic futures were up by 35, if approved by the local government count Exchange, as many as 50, futures companies in 1000, and it employed tens of thousands of people. Blind development of the futures market triggered a series of serious consequences, November 4, 1993, the State Council issued the "State Council>From 1993 to 1995, the State Council established a futures market for the Securities Commission, the China Securities Regulatory Commission, the implementation of specific regulatory unified system, the state of Exchange be sorted out in 15 exchanges identified as pilot exchanges, and futures companies to re-examine.
To further strengthen supervision of the futures market, and regulate futures trading to combat rampant market manipulation, in August 1998, the State Council issued the "Regulations>In the second stage of rectification measures, the Futures Exchange was reduced to three, namely, the Shanghai Futures Exchange, Dalian Commodity Exchange and Zhengzhou Commodity Exchange, the futures brokerage companies to retain more than 180, eliminating a small part of market capacity, easy to be manipulated futures varieties. 1999 passed the "Exchange Management Regulations", the China Securities Regulatory Commission has further defined in the futures market a centralized supervision.
By the end of 2000, China Securities Regulatory Commission, Zhou Xiaochuan, former chairman of the China Futures Industry Association announced the establishment of the Assembly, in the futures market rectification task has been basically completed, the futures market for perfecting the socialist market economic system, to promote the stable development of the national economy to play its due role. This marks the end of China's futures market as long as seven years in order period, entered a new stage of development of norms.
Nirvana>In March 2001 convening of the Fourth Session of the Ninth National People's Congress adopted the "10th Five-Year" Plan clearly states that: "to establish and perfect a nationally unified, open and competitive, standardized and orderly market system, actively develop commodity wholesale market, steady development of the futures market." State 2004 Hospitals issued a "State Council>From 2001, China has put an end to the futures market manipulation of the market, the investment behavior of market participants become more mature and rational, functional futures market has been further enhanced.
At present, China has futures prices>In order to enter the second phase, the new varieties of futures basic innovation stagnated, as China's futures market and healthy development in recent years Futures markedly accelerated pace of innovation. From 2004, China has successively listed>The rules will gradually wider future
Before 2007, China's futures market by a system of laws and regulations "Exchange Management Regulations", four coordinated management approach and a Supreme People's Court, a judicial interpretation. In 2007, China's futures market building of the legal system has made significant progress this year in April the State Council officially promulgated and implemented the "Exchange Management Regulations", the supplementary, the China Securities Regulatory Commission has enacted or will enact new corresponding supporting management methods, various futures exchanges also will amend the TAC easy management approach and the various rules and regulations. What is even more heartening is that the "first Financial Daily" noted that the NPC Standing Committee has organized experts>The new "Exchange Management Regulations">On September 8, 2007, the fourth China-exchange futures markets – China formally established financial futures exchange, and that the futures market by the Commodity Futures stage will enter a new era of financial futures. China's financial futures exchange to be listed>In the framework of the settlement, clearing the introduction of grading system, membership-Member transaction, the transaction clearing members, clearing members and special comprehensive settlement Member 4, delivery systems, the introduction of a cash delivery systems. Financial futures system design, were allowed as a special clearing member in the futures market, the futures market provides clearing and settlement services, brokerage, funds, and other financial institutions, will also become an important financial futures market participants. Futures companies have gone from being "brokers", a new financial institutions face displayed in front of people, futures companies and further accelerate the integration broker, strength has been markedly enhanced.
In addition, China has begun to consider the introduction of trading in the futures market QDII and QFII system, the futures market is expected to further opening to the outside world. The futures market in China's history, has never been such a concern today.
17, the development of China's futures market has been made spectacular achievements, but compared with foreign countries, still at the initial stage, there was a series of problems. China's futures market as a whole is small in scale, variety single, simple structure, and China's huge economic entity than is the total lack of coordination. The futures market innovative new varieties Although some progress had been made, but new varieties extremely unreasonable mechanism introduced by the State Council to seek views of relevant ministries, ministries with a veto system, so many varieties to launch or delay in listing the best time. Futures market investors is very imperfect and small investors or are currently involved in a major futures market forces, many Spot Enterprise Institute and the use of risk management tools to futures. To play the futures market functions, the Chinese futures market also need to deepen innovation, and further improve the mechanism for listing new species, improving the product mix of rich futures, futures reasonable actively guide the market to avoid risks fostering institutional investors and investment guide rational investors.
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