Following the official opening of the Fourth Session of the 14th National People's Congress, leaders from multiple ministries and commissions, including the National Development and Reform Commission, the Ministry of Finance, the Ministry of Commerce, the People's Bank of China, and the China Securities Regulatory Commission (CSRC), jointly attended a press conference on economic topics. At the conference, CSRC Chairman Wu Qing stated that the CSRC will focus on creating a first-class market-oriented, law-based, and international business environment, with the goal of enhancing the convenience of cross-border investment and financing. This will further advance the two-way opening of markets, products, services, and institutions to a new level, fostering a more transparent, stable, and predictable market environment.
During the "15th Five-Year Plan" period, futures companies, as market hubs, should not merely be observers of opening-up but should become co-builders promoting the two-way opening of markets, products, services, and institutions. They should focus efforts from the following four dimensions to achieve their own leap forward in the wave of opening-up and contribute the strength of the futures industry to the "15th Five-Year Plan."
1. Two-Way Market Empowerment: From "Bringing In" to "Staying In" The two-way opening of markets first involves the internationalization of participants. The improvement in cross-border investment and financing convenience means that China's futures industry will become a vital bridge for foreign capital entering the market. Currently, over a hundred futures varieties are open to Qualified Foreign Institutional Investors (QFII). Taking the Shanghai Futures Exchange as an example, the number of overseas clients is growing rapidly. Futures companies should seize the opportunity presented by the expansion of QFII-eligible varieties and act as effective "bridges" for foreign capital entering the market. For instance, for overseas clients unfamiliar with China-specific products like PTA and 20号胶, comprehensive services should be provided, ranging from legal and regulatory consultations and trading system connectivity to the design of hedging strategies.
Chairman Wu Qing emphasized the need to "improve the market mechanisms and ecosystem for 'long-term money making long-term investments' and enhance the construction of market stabilization mechanisms with Chinese characteristics." The unique functions of the futures market—hedging and price discovery—are key factors in attracting long-term capital, making it "willing to come and likely to stay."
2. Two-Way Product Innovation: Facilitating Cross-Border Hedging and Promoting "China Prices" During the "15th Five-Year Plan" period, the cross-border risk management needs of the real economy will become more diverse, necessitating upgrades in the product services offered by futures companies.
On one hand, it is essential to facilitate risk avoidance for domestic enterprises "going global." In response to risks in overseas markets, futures companies need to assist outbound Chinese enterprises in using domestic specific varieties for "reverse hedging." For example, utilizing internationalized products like crude oil and international copper can help enterprises establish risk barriers in their home markets.
On the other hand, efforts should be made to promote the "going global" of domestic prices. Currently, the international influence of "China prices" is increasing daily. Futures companies should actively guide overseas industrial clients and traders to use these RMB-denominated "China prices" as a benchmark for pricing in international trade. By adopting a "futures price plus premium/discount" model to lock in profits, price influence can be transformed into tangible market share.
3. Two-Way Service Extension: Building a Globally Oriented Service Network Rooted Locally Domestically, the focus should be on creating cross-border comprehensive service platforms. Internationally, key regions need to be deeply cultivated, and clearing networks improved. Through years of international layout, Nanhua Futures' overseas subsidiaries have obtained clearing membership qualifications from 15 major global exchanges and were among the first institutions in Hong Kong to become LME warrant holders. Only by打通 the "last mile" of physical delivery can a complete closed loop of "trading - risk management - physical delivery" be constructed.
Futures companies should deeply serve listed companies, especially leading manufacturers with high import/export dependencies. By providing professional guidance on hedge accounting, establishing internal control processes, and developing integrated futures-spot strategies, they can help enterprises avoid risks associated with exchange rate, interest rate, and commodity price fluctuations. This allows companies to focus their energy on core business innovation, mergers, and integration, achieving stable performance growth. Stable performance and transparent risk management mechanisms can significantly enhance the investment value of listed companies and their ability to deliver returns to shareholders.
4. Two-Way Institutional Compliance: Building Safety Defenses Amid Opening-Up High-level opening must be underpinned by high-level security. Wu Qing's emphasis on "strengthening cross-border regulatory and law enforcement cooperation" and "risk prevention and control capabilities" indicates that the internationalization of futures companies cannot be a wild growth but must involve meticulous operation premised on compliance.
Facing complex extraterritorial legal risks, futures companies need to establish integrated domestic and international compliance and risk control systems. They should actively participate in legal and compliance training organized by exchanges, conduct in-depth research on overseas regulatory frameworks, and clarify the legal boundaries in cross-border business activities. Simultaneously, financial technology and other means should be utilized to strengthen the monitoring of cross-border funds and positions, preventing the cross-border transmission of risks, and ensuring that in an open environment, operations remain "visible and controllable."
The blueprint for the "15th Five-Year Plan" is gradually unfolding. The futures market is set to enter a new stage characterized by introducing mechanisms and rules, as well as exporting prices and standards. As crucial market intermediaries, only by taking proactive action—acting as bridges connecting domestic and international markets, becoming experts in risk management through products, exemplifying deep local roots in services, and setting an example in compliant operations within institutional building—can futures companies genuinely contribute their unique strength to Chinese modernization.