Focus On The Development Of Futures Market: Actively Promote The Research And Development Of Carbon Futures And Serve Small And Medium-Sized Enterprises

    “ After more than 30 years of exploration and development, 94 futures and options products have been listed in China, covering agricultural products, non-ferrous metals, steel, energy, chemical industry, finance and other major areas of the national economy. Nine varieties such as crude oil futures have been opened to the outside world, and their international influence has gradually increased. As an important part of the national modern financial system, futures market has played a positive role On September 1, Fang Xinghai, vice chairman of China Securities Regulatory Commission, said in a speech at the 2021 China (Zhengzhou) International Futures forum.

While the domestic futures market is becoming more and more mature, Fang Xinghai has also made clear the direction for the future development of the market, saying that the futures market must still serve the small and medium-sized enterprises, serve the national "double carbon" goal, become an important force in the Rural Revitalization Strategy, and become an international pricing and risk management platform serving the domestic market and docking the internal and external dual cycle.

Actively promote the research and development of carbon futures. Xinhua News Agency

Help real enterprises to transform to green and low carbon

"The futures market should give full play to its own advantages, promote the construction and development of the national carbon emission trading market, actively promote the research and development of carbon futures, guide the whole society to reasonably allocate emission reduction resources with open, continuous and forward-looking carbon emission prices, and help the entity enterprises transform to green and low-carbon." Fang Xinghai said in his speech.

In Fang Xinghai's view, the futures market should actively serve the national "double carbon" goal and empower the country's green development. Therefore, the futures market should further improve the research and development ability of new energy industry related varieties, provide more useful and easy-to-use risk management tools for new energy enterprises, help enterprises to operate stably and support high-quality development of the industry.

In fact, the layout of futures market to promote the realization of China's "double carbon" goal has already begun. On January 22 this year, the China Securities Regulatory Commission officially approved the establishment of Guangzhou Futures Exchange (hereinafter referred to as "Guangzhou Futures Exchange"), and on April 19, Guangzhou futures exchange was officially opened. As for the establishment of Guangzhou futures exchange, a spokesman for the CSRC said that in recent years, the CSRC has been exploring the construction of carbon futures market and guiding Guangzhou futures exchange to actively and steadily promote the research and development of carbon futures.

Zhu Lihong, deputy secretary of the Party committee and general manager of Guangzhou futures exchange, pointed out recently that the spot market of carbon emission rights aims at spot trading of carbon quota, and one of the main functions of carbon emission right futures market is pricing. Market size and spot system are important factors that affect the design of carbon emission right futures system. We hope that the spot market of carbon emission right will be optimized and perfected continuously, which will provide good institutional support for the timely launch of carbon emission right futures.

"It is necessary to launch carbon emission rights futures. The goal of" double carbon "is far-reaching, and the realization of the goal needs financial support. Carbon pricing is the basis of carbon financial innovation, and the formation of effective carbon pricing requires the establishment of a futures market. " Zhu Lihong said.

Han Qian, a professor at Xiamen University's School of economics, also said that the launch of carbon emission futures in the future will be conducive to the realization of the reasonable pricing of carbon emission rights and the rational allocation of carbon emission rights resources through market-oriented means, and promote the smooth completion of China's dual carbon goal.

"Most industrial enterprises do not have much or deep understanding of the dual carbon target. The futures industry can use its research advantages to study the impact of the dual carbon target on industrial enterprises and the realization path of the dual carbon goal, so as to help enterprises understand the dual carbon target more deeply." Cao Yanghui, director of Nanhua Futures Research Institute, also proposed to the 21st century economic reporter that in the process of carbon reduction, industrial enterprises will inevitably face greater operational pressure, such as the sharp rise of costs and the aggravation of price fluctuations. The futures market can help enterprises make good use of futures tools, realize stable operation of enterprises, and better promote carbon reduction.

Strengthen service to small and medium-sized enterprises

While serving China's "double carbon" goal, Fang Xinghai pointed out that the futures market can also effectively serve the development of domestic small and medium-sized enterprises.

As early as September 2011, the Ministry of industry and information technology put forward the concept of "specialization and innovation" in the "Twelfth Five Year Plan" for the growth of small and medium-sized enterprises. The recent meeting of the Political Bureau of the CPC Central Committee also pointed out that it is necessary to speed up the solution of the "neck sticking" problem, develop "specialized, special and new" small and medium-sized enterprises, increase the efforts of reform and further stimulate the vitality of market entities.

"Small and medium-sized enterprises are very important to any economy. A large number of small and medium-sized enterprises in China are developing in a specialized, refined, special and new direction, which will add strong impetus to China's economy. The futures market must serve the small and medium-sized enterprises well." Fang Xinghai said.

Since last year, the impact of the epidemic has been superimposed, and the prices of some commodities have risen, bringing adverse effects on the real economy, especially the operation of small and medium-sized enterprises. In Han Qian's opinion, in this process, the futures market can help small and medium-sized enterprises to manage price risk, help enterprises make overall planning of production and sales, improve the stability of enterprise cash flow, and promote the healthy development of enterprises.

In the first seven months of this year, the sales volume and purchase amount of small and medium-sized enterprises carrying out warehouse receipt transactions on the over-the-counter platforms of the exchange exceeded 1.44 billion yuan and 1.36 billion yuan, respectively. Among them, Xinjiang's small and medium-sized processing plants completed the sales of 630 million yuan worth of cotton through the platform, which better solved the problem of capital turnover.

"If the futures market wants to play a good role in serving the real economy, it must serve the small and medium-sized enterprises well." Cao Yanghui also told reporters of the 21st century economic report that in terms of the pricing function of futures, the futures price should be used as a reference for the pricing and production decisions of small and medium-sized enterprises. The information asymmetry of spot market makes small and medium-sized enterprises at a disadvantage in obtaining market price information, which requires higher cost. The open and transparent price of futures market can greatly reduce the information disadvantage and acquisition cost of small and medium-sized enterprises. Therefore, the futures industry should increase the popularization of futures knowledge of small and medium-sized enterprises, and increase the publicity of the application of futures prices.

In addition, the futures industry should also strengthen the risk management services for small and medium-sized enterprises. In today's domestic and international economic growth slowed down, the economic situation fluctuated violently, combined with epidemic situation, geopolitical factors and other factors, small and medium-sized enterprises are even more difficult, facing greater survival risks. The futures industry must provide high-quality risk management services for small and medium-sized enterprises, so that they can effectively hedge the risks of commodity price fluctuations and exchange rate fluctuations, and help them use futures for production and marketing and inventory management, so as to effectively resist the impact of the economic cycle.