(Yicai) Sept. 15 -- China's futures markets are playing a greater role in supporting high-quality economic development and modernization amid sustained market building and continuous expansion of service areas in recent years, according to a high-level official.

Futures trading is efficient, standardized, open, and fair with anticipatory, consistent, and authoritative prices, which helps give full play to the decisive role of the market in resource allocation while improving the accuracy of macroeconomic evaluation and control, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said during the recent 2023 China Zhengzhou International Futures Forum.

China's futures system of intermediate products is gradually improving, and basic materials in the field of new energy, including industrial silicon and lithium carbonate, are launched one after another, which helps consolidate the country's international competitiveness and enhance its advantages in developing green and low-carbon industries, per Fang.

The Asian nation is seeking to build stronger agricultural prowess. The country has launched 42 farming-related options, reducing risks faced by agricultural enterprises and playing a unique role in increasing farmers' income while ensuring the safety of grain, cotton, and oilseed, the vice chief added.

The cumulative turnover of the Zhengzhou Commodity Exchange surged by 64 percent to about 2.5 billion lots in the first eight months this year from a year ago, according to data from the China Futures Association. The exchange was the sixth-biggest bourse in terms of daily turnover globally in the first half as average daily positions soared by 71 percent to 17.6 million lots. Among industrial customers, daily positions increased by 66 percent, showing signs of consolidation to serve the real economy.

The bourse will promote the implementation of the "insurance + futures" project next year in an orderly manner, explore ways to establish a stable financial support mechanism and create an integrated financial service system involving governments of all levels, agriculture-related entities, and financial institutions, per Xiong Jun, chairman of the ZCE.

He Xiong, mayor of Zhengzhou, said that the city in Henan province will aim to enhance the innovation ability of the futures market, improve the international influence of "Zhengzhou prices," speed up the construction of industrial parks related to futures trading, and strengthen international exchanges and cooperation in the future.

The forum is co-sponsored by the municipal government, the bourse, and the Chicago Mercantile Exchange. Besides the main forum, there are also five sub-forums for the opening up of the market, rule of law, listed companies, as well as sugar and methanol.

Editor: Emmi Laine