2021 is the 100th anniversary of the founding of the Communist Party of China. In the past 100 years, the financial industry under the leadership of the Communist Party of China has achieved leapfrog development and drawn a magnificent picture.

As an important part of the capital market, the development of the financial futures market is inseparable from the strong leadership and scientific planning of the party. China Financial Futures Exchange (hereinafter referred to as CFFE) adheres to the guidance of Jinping Xi, and under the strong leadership of the China Securities Regulatory Commission, the goal of "a transparent, open, dynamic and resilient capital market" will strengthen the party’s leadership throughout the market construction and exchanges, based on serving the capital market and the real economy, cohesively and diligently. Continuously promote the high-quality development of the financial futures market.

On the 100th anniversary of the founding of the Communist Party of China, a reporter from the Futures Daily interviewed Qingwen He, secretary of the party committee and chairman of the China Financial Futures Exchange.

Futures Daily: Please talk about how CFFE strengthened the leadership of the party to provide a strong guarantee for the stable and healthy development of the financial futures market.

Qingwen He: As an important financial market infrastructure, CFFE undertakes the mission of building and developing China's financial futures market. Upholding the party's leadership and strengthening party building are the prerequisite and foundation for us to do all our work well. A series of important expositions by General Secretary Xi Jinping on comprehensively and strictly governing the party provide a fundamental basis for us to uphold and strengthen the party's overall leadership in the new era.

The first is to always put political construction in the first place, emphasize politics with a clear standard, and earnestly implement the "two maintenances" into daily work and specific actions.

The Party Committee of CFFE adheres to the guidance of Xi Jinping thought on socialism with Chinese characteristics for a New Era, deeply recognizes that the exchange is a party-run enterprise, resolutely implements the decision-making and deployment of the Party Central Committee and the work requirements of the party committee of the Securities Regulatory Commission, and gives full play to the party committee’s direction and overall management., ensure the implementation of the leadership role, continuously improve the political position, consciously put the construction of the financial futures market in the strategic overall situation of the Party Central Committee and the State Council and the overall situation of the deepening of the capital market reform and development to plan and promote, and strive to promote the healthy development of the real economy and provides higher quality and more efficient risk management services.

Continuously strengthen the innovative theory, deepen ideological construction through platforms such as the Party Committee Theoretical Learning Center Group and School of the CFFE, build a solid ideological foundation for the "two maintenances", and strive to transform the theoretical learning results into various tasks to promote the reform, development and stability of the financial futures market as the actual results.

The second is to vigorously promote the in-depth integration of party building and business, and lead the high-quality development of the financial futures market. The integration of party building and business is not only an objective requirement for comprehensive and strict governance of the party, but also the only way to promote the development of the exchange business. The party committee of the CFFE insists on co-conspiring, deploying, advancing, and evaluating party building and business, and implements party building in the specific work of the exchange, testing party building results with business results, and striving to achieve party building and business work."

In accordance with the relevant arrangements of the Party Central Committee to promote the prevention and control of the new crown pneumonia epidemic and economic and social development, CFEE resolutely implements the relevant spirit, assists the development of the anti-epidemic work, helps small and medium-sized enterprises resume work and production, stabilizes employment, and guarantees the basic lives of the people.

In 2020, the Ministry of Finance will successively tender for the issuance of 4 phases of special treasury bonds for the fight against the epidemic with a total of 1 trillion yuan. After the issuance of special treasury bonds, CFFE announced immediately that they would be included in the scope of treasury bond futures deliverables, so that underwriters can use 5-year and 10-year treasury bond futures to accurately hedge interest rate risks and escort their smooth issuance.

The third is to build a strong fortress with the core of enhancing organizational power and exerting political functions. The party committee of CFFE adheres to goal-oriented and problem-oriented, and has issued a work plan for strengthening grassroots party building and an action plan for improving the quality of party building, providing a target for party branches to strengthen standardization and to build the “four-strong” party branch. Further establish and improve the "Party Building +" work model, and drive party members and cadres in safe production, business development, epidemic prevention and control.

The fourth is to establish a co-directed force, through and coordinated work mechanism to provide a solid style guarantee for the development of the financial futures industry. The party committee of CFFE insisted on taking responsibility for cadres, issued relevant implementation opinions, strengthened staff ability training, and enhanced the "responsibility" of the cadre team; on the other hand, it focused on the construction of party style and clean government, and carried out the main tone of "strict" throughout, and continued to implement "discipline" We will continue to strengthen the awareness of discipline and rules, gradually improve the all-round and three-dimensional supervision system, strengthen the power operation supervision and anti-corruption struggle, and promote the integration of the anti-corruption, non-corruption, and anti-corruption activities, and strive to create The political ecology of the exchange is clean and upright.

2021 is the 100th anniversary of the founding of the Communist Party of China. In accordance with the instructions of the Party Central Committee and the deployment requirements of the Party Committee of the Securities Regulatory Commission, the Party Committee of CFEE has carried out party history learning and education, leading the majority of cadres and employees to inspire and clarify the struggle and great achievements of the party. Maintain the party’s glorious traditions and fine style of work, strengthen the conviction and gather strength; to systematically master the party’s practical creation and historical experience to inspire wisdom, strengthen character, and effectively learn and educate the party history and promote the high-quality financial futures market and strives to make a good start to the capital market for the 14th Five-Year Plan period.

Futures Daily: The financial futures market is an important part of the multi-level capital market and the modern financial system. In recent years, what efforts has CFEE made to continuously expand product supply and promote market functions?

Qingwen He: CFEE deeply understands that the financial futures market is an important part of the multi-level capital market and the modern financial system. The effective functioning of the financial futures market is conducive to enhance the innovation capabilities of financial institutions, enhance corporate financing convenience, and promote long-term capital formation can better serve the development of the real economy.

The first is to enrich the financial futures and options product system. In 2010, CFEE successfully launched CSI300 stock index futures, starting a new journey in the development of the financial futures market. After that, the SSE 50 and CSI 500 stock index futures, 2-year, 5-year, 10-year treasury bond futures and CSI 300 stock index options were successively listed. Up to now, a total of 7 financial futures and options have been listed, covering equity and interest rates. In 2020, a total of 115 million lots and 115.4 trillion yuan were traded in the financial futures market, accounting for 1.87% and 26.38% of the domestic futures market respectively. At present, the financial futures market is in good order and its functions are gradually playing out, maintaining the development trend of "stability and progress in stability". In the next step, CFFE will continue to serve the real economy as its fundamental purpose, accelerate the innovation and supply of new products, and strive to enrich the equity, interest rate, exchange rate futures and options product system according to market needs, and actively promote 30-year treasury bond futures and wait for the launch of new products to fill up the shortcomings in the financial risk management market as soon as possible.

The second is to attract more medium and long-term funds into the market. Due to the strong professionalism of financial investment, the risk of investors directly participating in transactions is relatively high. Entering the market through professional wealth management institutions will help investors better share the institutional dividends brought about by the reform and development of the capital market under the premise of risk management. Under the leadership of the China Securities Regulatory Commission, CFFE has always attached great importance to the participation of medium and long-term funds in market construction.

In 2020, the participation of commercial banks in the Treasury Bond Futures business was officially launched, and the China Banking and Insurance Regulatory Commission officially issued the "Regulations on the Participation of Insurance Funds in Treasury Bond Futures Trading". Substantial progress was made in the insurance market. At present, banks, insurance, securities, public offerings, private placements, trusts, futures subsidiaries, QFII, RQFII, pension funds, etc. have all been allowed to participate in the financial futures market, and the total positions of institutional investors have taken a dominant position.

The structure of market participants continues to show a trend of institutionalization and specialization. As of the end of June 2021, the positions held by stock index futures, treasury bond futures, and stock index options agencies accounted for 69%, 87%, and 57%, respectively. In the future, CFEE will further promote the optimization of the policy environment for medium and long-term funds entering the market, promote commercial banks and insurance funds to fully participate in treasury bond futures transactions, and actively promote various institutions to participate in the stock index options market.

Futures Daily: The sudden new crown pneumonia epidemic has had a greater impact on China's economic operation. What role have financial futures played in serving the national strategy and promoting the development of the real economy?

Qingwen He: The occurrence of the new crown pneumonia epidemic has had a great impact on China's economic operation, and the government's need for raising financial funds, coordinating the promotion of epidemic prevention and control, and economic and social development has highlighted. At the same time, infrastructure, logistics, supply chain and other related companies also have strong financing needs in order to speed up the resumption of work and production. Therefore, serving the national strategy, coordinating with the prevention and control of the epidemic, facilitating the financing of various entities such as the government and enterprises, and promoting the resumption of work and production of enterprises have become the top priority to maintain the steady economic development.

As an important financial market infrastructure, while maintaining its own safe production, CFFE actively helps to improve the prevention and disposal mechanism of financial market risks, and keeps the bottom line of systemic risks free; on the other hand, it gives full play to financial futures. The risk hedging function has contributed to enhancing investors' enthusiasm for bond subscription, serving anti-epidemic special treasury bond issuance, and facilitating related entities to successfully raise funds through the capital market in an environment of high volatility in the financial market.

The first is to serve the issuance of local government bonds and support the construction of major infrastructure projects. In 2020, the issuance of local government bonds in China will accelerate and increase, most of which will be used for major livelihood infrastructure and public sector projects. The interest rate of local government bond issuance refers to the yield of treasury bonds of the same maturity, which is highly correlated with the price trend of treasury bonds but has poor liquidity. Institutions use treasury bond futures for price risk hedging, which helps to enhance bond holding confidence.

The second is to serve the product innovation of financial institutions and help entity companies save financing costs. During the epidemic, many companies need to raise funds through the credit bond market, and market volatility has intensified, facing huge risks of rising financing costs. In this context, financial institutions use standardized treasury bond futures as components to design over-the-counter products to hedge interest rate risks, opening up the risk transfer path of the enterprise-financial institution-treasury bond futures market.

The third is to serve financial risk management and help the stable operation of the market. Financial futures are market-based risk management tools. When financial markets fluctuate sharply, especially when they are impacted by major events such as the new crown pneumonia epidemic and credit debt defaults, they give full play to the positive role of alleviating the selling pressure on the spot market and stabilizing market expectations. The stable operation of the market and continuous functioning provide an important guarantee.

Futures Daily: Accelerating the construction of a new development pattern with the domestic cycle as the main body and the mutual promotion of the domestic and international double cycles is a major strategic task proposed by our party that relates to the overall development of our country. How do you understand the application of the new development pattern in the futures market? Specifically, how will CFFE implement the new development pattern in the future?

Qingwen He: The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China clearly stated that it is necessary to "form a strong domestic market and build a new development pattern", "implement a high-level opening up to the outside world, and open up a new situation of win-win cooperation." The new development pattern requires a more effective combination of making full use of the advantages of the domestic ultra-large-scale market and a complete industrial system, and making good use of the domestic and overseas markets. To achieve mutual promotion of the domestic and international double cycles, the key is to open up the various blocking points in the cycle, so that both cycles are unblocked. Research and exploration to expand the opening of risk management markets such as financial futures is of great significance for promoting the high-quality development of my country's capital market, opening up the blockages in the financial system, and promoting the formation of a new development pattern.

Generally speaking, a sound and complete capital market system can be divided into three levels: one is the issuance market, which satisfies the basic financing function of the market; the other is the trading market, which realizes the market pricing function through the circulation and transactions of securities; and the third is the first level. Based on the issuance market and the secondary trading market, the derivatives market that specializes in risk management mainly divides, transfers and redistributes financial market risks, and optimizes the market risk structure. The three markets are closely linked with complementary functions and symbiosis. They are indispensable and form a stable and smooth capital market circulation system.

At present, in financial spot markets such as stocks and bonds, foreign investors can participate in China’s bond market through QFII, RQFII, direct investment interbank bond market (CIBM), Bond Connect and other channels. They can also participate in China’s bond market through QFII/RQFII, Shanghai-Hong Kong Stock Connect, Shenzhen and Hong Kong Stock Connect model. In contrast, in the financial futures market, QFII/RQFII are now only allowed to participate in stock index futures for the purpose of hedging, which is far behind the openness of the spot market and cannot meet the risk management needs of foreign investment in China’s capital market. This requires the opening of China's financial futures market to adapt to the pace of opening of the financial spot market, allowing investors participating in the spot market to use risk management tools such as financial futures, opening up the blockage of the risk management market that is not smooth, and accelerating the construction of a new development pattern for services.

The Central Economic Work Conference clearly stated that the capital market plays a role in affecting and moving the whole body in financial operations. Therefore, the opening of capital markets, especially financial futures markets, should put risk prevention first, firmly hold the bottom line of risks, and improve cross-border supervision of financial futures markets, strengthen extensive cooperation with overseas regulatory agencies and international financial organizations, and enhance cross-border cooperation. Ability to monitor the flow of overseas capital, explore information and data sharing, severely crack down on cross-border violations of laws and regulations, and effectively safeguard the legitimate rights and interests of investors in various countries.

Futures Daily: The prevention and control of financial risks has been elevated to an important part of the national strategy. How does CFFE adhere to legal supervision and technological supervision? What efforts have you made to continuously improve the effectiveness of supervision and keep the bottom line of systemic risks free?

Qingwen He: In the supervision work, for the prevention and control of financial risks, CFFE consciously fulfilled the original mission of the party, adhered to the "four awes" and "one joint force", promoted the steady and healthy development of the financial futures market. The bottom line of risk serves the overall situation of the reform and development of the capital market.

The first is to strengthen basic system construction and cross-market supervision and coordination. CFFE actively participated in the promotion of futures market legislation, continued to promote the construction of the financial futures market basic system, and successively introduced one-side large margin, cross-variety large-side margin, treasury bond as margin, treasury bond payment (DVP) delivery mode, basic systems and trading mechanisms such as market maker business and EFP will strive to improve the operating quality of the financial futures market and the level of serving the capital market. At the same time, continue to strengthen the supervision and coordination of the futures and spot markets, and jointly establish a cross-market supervision and coordination mechanism with the Shanghai Stock Exchange, the Shenzhen Stock Exchange, the China Securities Depository and Clearing Corporation, and the China Futures Market Monitoring Center. Fully cooperate with the China Securities Regulatory Commission to establish a working mechanism for itinerant trials in our firm, participate in the innovation of the administrative law enforcement system, earnestly implement the "zero tolerance" requirement, and severely crack down on all kinds of violations of laws and regulations.

The second is technological innovation, constantly improving technological supervision and first-line supervision capabilities. Strengthen the construction of technological infrastructure, continue to enrich market-oriented front-line supervision methods, and actively promote big data and artificial intelligence. The application of various scientific and technological supervision methods is used as a "weapon" to find "clues" and help risk prevention and control. At present, the main performance indicators of the new-generation trading system adopted by CICC have reached international standards; the second-generation monitoring system implements distributed database deployment, completes the construction of data clustering services, adds microsecond time stamps to greatly improve analysis capabilities, and enters the stage of intelligent supervision.

The third is to do a good job in safe production, build a strong line of defense against risks, and maintain financial security. CFFE attaches great importance to safe production, insists on seeking progress while maintaining stability, strengthens settlement operation and maintenance management, improves emergency response capabilities, combines civil air defense technology and defense, and jointly builds a safe production line of defense. In January 2019, the China Securities Regulatory Commission officially approved CFFE as a Qualified Central Counterparty (QCCP). As an important financial market infrastructure, CFFE provides safe and efficient financial derivatives trading and clearing services to the market, and assumes the responsibilities of the central counterparty. At present, the financial futures market has established a set of market risk handling mechanisms.

Futures Daily: From "poverty alleviation" to "rural revitalization", the futures industry has always been committed to serving the national strategy. What work has CFFE done to help fight poverty? How will the futures market be used to better serve the revitalization of rural areas?

Qingwen He: Since pairing to help Yanchang County, Shaanxi Province in 2013, CFFE has always taken poverty alleviation work as a lofty political responsibility, guided by General Secretary Xi Jinping’s important statement on poverty alleviation work, and earnestly implemented the party Central Committee and the Party Committee of the China Securities Regulatory Commission’s poverty alleviation efforts. Adhering to the strategy of targeted poverty alleviation, we have invested 104 million yuan in assistance and implemented 137 poverty alleviation projects. On September 29, 2018, the Poverty Alleviation Office of the State Council announced to the public the results of Yanchang County's poverty alleviation. Yanchang County became the first poverty alleviation counties in Shaanxi Province and the first poverty alleviation county in the designated assistance counties by the securities and futures system since the 19th National Congress of the Communist Party of China.

The first is to highlight the goal of precise drip irrigation, seize the "little apple" to make a "big article", and pry the transition from "blood transfusion" to "blood-making" for wealth creation. The apple industry is the pillar industry of Yanchang County. Seventy percent of farmers in the county grow apples, and more than 65% of farmers' per capita income comes from the fruit industry. CFFE firmly grasped the "bull nose" of the apple industry and actively implemented the spirit of General Secretary Jin Ping's instructions on "studying how to solve the problems of reducing production due to disasters, different prices for the same fruit, and difficult harvests in good years", and coordinated the launch of the ZCE Apple futures, a variety of agricultural products for poverty alleviation, provides support and assistance in the fields of price, production, industrial upgrading, and poverty alleviation by consumption.

The second is to leverage the unique advantages of “finance +” targeted poverty alleviation, strengthen collaboration and linkage, and form a joint force for poverty alleviation. Taking advantage of the market organizer, CFFE has successively coordinated more than 60 securities, futures, funds, banking institutions, etc., and established a new social poverty alleviation mechanism with "one company taking the lead and participating together". In conjunction with the China Futures Industry Association, we have carried out Accurate Assistance Programs for two consecutive years. Focus on supporting the development of characteristic industries such as apple, and coordinate the establishment of a sales department in Yanchang County through the Shaanxi Securities Regulatory Bureau to coordinate Yangtze River Futures. Coordinated the launch of the "ICBC Easy Farm Loan" for apple industry poverty alleviation financing financial products, we create a new financial poverty alleviation model of "five in one" of insurance, futures, banks, government, and farmers. Fruit farmers have successfully achieved stable income and increased income.

The third is to focus on the improvement of people's livelihood, focusing on the "two no worries and three guarantees" and other issues that are of most concern to the masses and the most urgent issues to carry out assistance and relief efforts to make poverty alleviation more "warm." Persist in the combination of poverty alleviation, intellectual and aspirational support, and for the first time in Yanchang County to achieve full coverage of education poverty alleviation at all stages. Increase investment in health and poverty alleviation, implement maternal and child health promotion projects, and fund the development of key personnel training programs for maternal and child emergency and critical illness medical care. Increase investment in infrastructure construction, closely follow the focus of the construction of beautiful villages, and improve the ecological environment through multiple measures such as the renovation of dilapidated houses, the "toilet revolution", and the management and protection of greening.

In the next step, CFFE will continue to focus on the function of the futures market to better serve the revitalization of rural areas. Deepen policy research, explore and innovate the "futures + technology + banking" model, continue to work with industry forces to strengthen apple's futures functions, improve the "insurance + futures" business model, and further stabilize the income of fruit farmers. Continue to give full play to the leading advantages of the exchange industry, actively encourage collaboration with various financial institutions and industry units to explore and establish a long-term mechanism to solve relative poverty, improve the market competitiveness and anti-risk capabilities of Yanchang county's specialty products, and focus on enhancing endogenous development motivation and development vitality.

2021年是中国共产党成立100周年。一百年来，中国共产党领导下的金融事业实现了跨越式发展，绘制了壮阔的图景。

作为资本市场的重要组成部分，金融期货市场的发展离不开党的坚强领导和科学谋划。中国金融期货交易所（下称中金所）坚持以习近平新时代中国特色社会主义思想为指导，认真学习贯彻习近平总书记重要指示批示精神，在证监会的坚强领导下，围绕“打造一个规范、透明、开放、有活力、有韧性的资本市场”的目标，将加强党的领导贯穿于市场建设和交易所各项工作始终，立足服务资本市场和实体经济，凝心聚力、踔厉奋发，不断推动金融期货市场高质量发展。

在中国共产党成立100周年之际，期货日报记者采访了中金所党委书记、董事长何庆文。

期货日报：请您谈谈，中金所是如何加强党的领导，为金融期货市场平稳健康发展提供坚强保障的。

何庆文：中金所作为重要的金融市场基础设施，承担着建设发展我国金融期货市场的职责使命。坚持党的领导、加强党的建设，是我们做好一切工作的前提和基础。习近平总书记关于全面从严治党的一系列重要论述，为我们在新时代坚持和加强党的全面领导提供了根本遵循。

一是始终把政治建设摆在首位，旗帜鲜明讲政治，切实把“两个维护”落实到日常工作和具体行动上。

中金所党委坚持以习近平新时代中国特色社会主义思想为指引，深刻认识到交易所是党兴办的事业，坚决贯彻落实党中央决策部署和证监会党委工作要求，充分发挥党委把方向、管大局、保落实的领导作用，不断提高政治站位，自觉将金融期货市场建设摆在党中央、国务院战略全局和资本市场深化改革发展大局中去谋划、去推动，努力为实体经济健康发展和多层次资本市场建设提供更高质量、更有效率的风险管理服务。

不断强化创新理论武装，通过党委理论学习中心组、中金所党校等平台深化思想建设，筑牢“两个维护”思想基础，努力将理论学习成果转化为推动金融期货市场改革发展稳定各项工作的实际成效。

二是大力推动党建与业务深度融合，以高质量党建引领金融期货市场高质量发展。党建与业务融合既是全面从严治党的客观要求，也是推进交易所业务发展的必由之路。中金所党委坚持将党建与业务同谋划、同部署、同推进、同考核，把党的建设落实到交易所各项具体工作中去，以业务成效检验党建成果，努力实现党建与业务工作“一盘棋”。

按照党中央统筹推进新冠肺炎疫情防控和经济社会发展工作的有关部署，中金所坚决贯彻落实相关精神，助力抗疫工作的开展，帮助中小企业复工复产，稳定就业，保障人民的基本生活。

2020年，财政部陆续招标发行4期共1万亿元抗疫特别国债。特别国债招标发行后，中金所第一时间公告将其纳入国债期货可交割券范围，便于承销机构利用5年期、10年期国债期货精确对冲利率风险，为其顺利发行保驾护航。

三是以提升组织力发挥政治功能为核心，建强基层战斗堡垒。中金所党委坚持目标导向、问题导向，出台加强基层党建工作方案和基层党建质量提升行动计划，为基层党支部加强标准化、规范化建设、打造“四强”党支部提供标靶，进一步建立健全“党建+”的工作模式，带动党员干部在安全生产、业务发展、疫情防控等方面发挥先锋模范作用。

四是建立同向发力、贯通协同工作机制，为金融期货事业发展提供过硬作风保障。中金所党委坚持一手抓干部担当作为，出台相关实施意见，强化员工能力培养，提升干部队伍“担当力”；一手抓党风廉政建设，将“严”的主基调贯穿始终，持续开展“纪律规矩深化学习年”等主题活动，不断强化纪律意识和规矩意识，逐步完善全方位立体化的监督体系，强化权力运行监督和反腐败斗争，一体推进不敢腐、不能腐、不想腐，努力营造交易所风清气正的政治生态。

今年是中国共产党成立100周年，按照党中央指示精神和证监会党委部署要求，中金所党委扎实开展党史学习教育，带领广大干部员工在深刻感悟党的奋斗历程和伟大成就中鼓舞斗志、明确方向；在赓续传承党的光荣传统和优良作风中坚定信念、凝聚力量；在系统掌握党的实践创造和历史经验中启迪智慧、砥砺品格，切实把党史学习教育与推动金融期货市场高质量发展紧密结合、融会贯通起来，努力为资本市场“十四五”开好局、起好步贡献力量。

期货日报：金融期货市场是多层次资本市场、现代金融体系的重要组成部分。近年来，中金所在持续扩大产品供给、促进市场功能发挥方面做了哪些努力？

何庆文：中金所深刻体会到，金融期货市场是多层次资本市场、现代金融体系的重要组成部分，金融期货市场功能的有效发挥有利于提升金融机构的创新能力，增强企业融资便利度，促进长期资本形成，更好服务实体经济发展。

一是丰富金融期货与期权产品体系。2010年，中金所成功推出沪深300股指期货，开启金融期货市场发展新征程。之后陆续上市上证50、中证500股指期货，2年期、5年期、10年期国债期货和沪深300股指期权，截至目前，共上市7个金融期货、期权品种，涵盖权益类、利率类两条产品线。2020年，金融期货市场共成交1.15亿手、115.4万亿元，分别占境内期货市场的1.87%、26.38%。当前，金融期货市场秩序良好，功能逐步发挥，保持了“稳字当头、稳中有进”的发展态势。下一步，中金所将继续以服务实体经济为根本宗旨，加快推动新产品创新供给，根据市场需要，努力丰富权益类、利率类、汇率类期货和期权产品体系，积极推动30年期国债期货等新产品上市，尽快补齐金融风险管理市场短板。

二是吸引更多中长期资金入市。由于金融投资具有很强的专业性，投资者直接参与交易的风险较高。通过专业财富管理机构入市，有利于投资者在管理风险的前提下，更好分享到资本市场改革发展带来的制度红利。在证监会的领导下，中金所一直高度重视中长期资金参与市场建设。

2020年，商业银行参与国债期货业务正式启动，银保监会正式发布《保险资金参与国债期货交易规定》，银保入市工作取得实质性进展。目前，银行、保险、证券、公募、私募、信托、期货子公司、QFII、RQFII、养老金等都已获准参与金融期货市场，机构投资者的总持仓已经占据主导地位。

市场参与者结构继续呈现机构化、专业化趋势。截至2021年6月底，股指期货、国债期货、股指期权机构持仓占比分别为69%、87%、57%。后续，中金所将进一步推动优化中长期资金入市的政策环境，推动商业银行、保险资金等充分参与国债期货交易，积极推进各类机构参与股指期权市场。

期货日报：突如其来的新冠肺炎疫情对我国经济运行产生较大冲击，金融期货在服务国家战略、促进实体经济发展方面发挥了哪些作用？

何庆文：新冠肺炎疫情的发生对我国经济运行产生较大冲击，政府筹措财政资金、统筹推进疫情防控和经济社会发展的需求凸显。同时，基建、物流、供应链等相关企业为加快复工复产，也有强烈的融资需求。因此，服务国家战略，配合做好疫情防控，便利政府、企业等各类主体融资，助推企业复工复产成为维护经济稳健发展的当务之急。

作为重要的金融市场基础设施，中金所在维护自身安全生产的同时，一方面，积极助力健全金融市场风险的防范处置机制，守牢不发生系统性风险底线；另一方面，充分发挥金融期货的风险对冲功能，在金融市场波动较大的环境下，为提升投资者认购债券积极性、服务抗疫特别国债发行、便利相关主体通过资本市场顺利筹集资金等方面做出了贡献。

一是服务地方债发行，支持重大基础设施项目建设。2020年，我国地方政府债发行提速增量，大部分用于重大民生基础设施和公共领域项目。地方债发行利率参考同期限国债收益率，与国债价格走势高度相关但流动性较差。机构运用国债期货进行价格风险对冲，有助于增强持债信心。

二是服务金融机构产品创新，帮助实体企业节省融资成本。疫情期间，不少企业需要通过信用债市场融资，市场波动加剧，面临融资成本上升的巨大风险。在此背景下，金融机构以标准化的国债期货为组件，设计出对冲利率风险的场外产品，打通了企业—金融机构—国债期货市场的风险转移路径。

三是服务金融风险管理，助力市场稳健运行。金融期货是市场基础的风险管理工具，在金融市场大幅波动，特别是受到新冠肺炎疫情、信用债违约等重大事件冲击时，充分发挥了缓解现货市场抛压、稳定市场预期的积极作用，为金融市场稳健运行和功能持续发挥提供了重要保障。

期货日报：加快构建以国内大循环为主体、国内国际双循环相互促进的新发展格局，是我们党提出的一项关系我国发展全局的重大战略任务。您如何理解新发展格局在期货市场中的运用？具体到中金所，今后将如何贯彻落实新发展格局？

何庆文：党的十九届五中全会明确提出，要“形成强大国内市场，构建新发展格局”“实行高水平对外开放，开拓合作共赢新局面”。新发展格局要求把充分发挥国内超大规模市场和完备产业体系优势，与利用好境内境外两个市场、两种资源更有效地结合起来。要做到国内国际双循环相互促进，关键是打通循环中的各种堵点，使得两个循环都畅通起来。研究探索扩大金融期货等风险管理市场的开放，对于推动我国资本市场高质量发展、打通金融体系中的堵点、促进形成新发展格局具有重要意义。

一般而言，健全完善的资本市场体系可以分为三个层次：一是发行市场，满足市场基本融资功能；二是交易市场，通过有价证券的流通交易实现市场定价功能；三是在一级发行市场和二级交易市场基础上，专门进行风险管理的衍生品市场，主要是对金融市场风险进行分割、转移和再分配，优化市场风险结构。三个市场紧密联动，功能互补，相伴共生，三足立鼎，不可或缺，构成了稳定、稳固、畅通的资本市场循环体系。

目前，在股票、债券等金融现货市场，境外投资者可以通过QFII、RQFII、直接投资银行间债券市场（CIBM）、债券通等渠道参与我国债券市场，可以通过QFII/RQFII、沪港通、深港通模式参与我国股票市场。与此相比，在金融期货市场，现在仅允许QFII/RQFII以套期保值为目的参与股指期货，远落后于现货市场开放程度，不能满足外资投资中国资本市场的风险管理需求，这需要我国金融期货市场开放与金融现货市场开放步伐相适应，允许参与现货市场的投资者使用金融期货等风险管理工具，打通风险管理市场循环不通畅的堵点，服务加快构建新发展格局。

中央经济工作会议明确提出，资本市场在金融运行中具有牵一发而动全身的作用。因此，资本市场尤其是金融期货市场的对外开放要把防范风险摆在前面，牢牢守住风险底线，通过完善金融期货市场跨境监管，加强与境外监管机构、国际金融组织的广泛合作，提升跨境资本流动监测能力，探索信息数据共享，严厉打击跨境违法违规行为，切实维护各国投资者合法权益。

期货日报：防控金融风险已经提升到国家战略的重要组成部分，中金所是如何坚持依法监管、科技监管的？在不断提升监管效能、守牢不发生系统性风险底线方面做了哪些努力？

何庆文：在监管工作中，针对金融风险防控，中金所自觉践行党的初心使命，坚持“四个敬畏”“一个合力”，推动金融期货市场稳步健康发展，牢牢守住不发生系统性风险底线，服务资本市场改革发展大局。

一是强化基础制度建设和跨市场监管协作。中金所积极参与推动期货市场立法，持续推进金融期货市场基础制度建设，先后引入单向大边保证金、跨品种单向大边保证金、国债充抵保证金、国债券款对付（DVP）交割模式、做市商业务、期转现等基础制度和交易机制，努力提升金融期货市场运行质量及服务资本市场水平。同时，持续加强期现货市场的监管协作，与上海证券交易所、深圳证券交易所、中国证券登记结算公司、中国期货市场监控中心联合构建起跨市场监管协作机制。全面配合证监会在我所建立巡回审理工作机制，参与行政执法体制创新，认真落实“零容忍”要求，严厉打击各类违法违规行为。

二是科技赋能，不断提升科技监管和一线监管能力。加强技术基础设施建设，持续丰富市场化的一线监管工具箱，积极推动大数据、人工智能等各类科技监管手段应用落地，以此为“利器”发现“蛛丝马迹”、助力风险防控。目前，中金所采用的新一代交易系统主要性能指标均达到国际一流水平；第二代监查系统实施分布式数据库部署，完成数据集群化服务建设，加入微秒级时间戳，极大提升分析能力，迈入监管智能化阶段。

三是抓好安全生产，筑牢风险防线，维护金融安全。中金所高度重视安全生产，坚持稳中求进，强化结算运维管理，提升应急处置能力，人防技防相结合，共同筑牢安全生产防线。2019年1月，证监会正式批复中金所为合格中央对手方（QCCP）。作为重要的金融市场基础设施，中金所向市场提供安全、高效的金融衍生产品交易及清算服务，承担中央对手方职责。目前，金融期货市场已经建立起一整套市场风险的处置机制。

期货日报：从“脱贫攻坚”到“乡村振兴”，期货行业始终致力于服务国家战略。中金所在助力脱贫攻坚方面都做了哪些工作？未来又将如何发挥期货市场功能更好服务乡村振兴？

何庆文：自2013年结对帮扶陕西省延长县以来，中金所始终将扶贫工作作为崇高政治责任，以习近平总书记关于扶贫工作重要论述为指引，认真贯彻落实党中央和证监会党委关于脱贫攻坚的决策部署，坚持精准扶贫思路，累计投入引入帮扶资金1.04亿元，实施扶贫项目137项。2018年9月29日，国务院扶贫办向社会公布延长县脱贫摘帽结果，延长县成为陕西省首批脱贫摘帽县、十九大以来证券期货系统定点帮扶县中首个脱贫县。

一是突出精准滴灌目标，抓住“小苹果”做“大文章”，撬动从“输血”救急向“造血”创富转变。苹果产业是延长县的支柱产业，县里七成农民种植苹果，农民65%以上的人均收入来自果业。中金所牢牢抓住苹果产业“牛鼻子”，积极贯彻落实习近平总书记关于“要研究如何解决好因灾减产、同果不同价、丰年难丰收等问题”的指示精神，协调郑商所推出苹果期货这一益农扶贫品种，在价格、生产、产业升级、消费扶贫等领域给予支持帮助。

二是发挥“金融+”精准扶贫的独特优势，强化协作联动，凝聚形成扶贫合力。中金所发挥市场组织者优势，先后协调60余家证券、期货、基金、银行机构等，建立了“一企牵头、共同参与”的社会扶贫新机制。会同中国期货业协会连续两年开展“‘长’‘期’携手”和“‘长’‘期’再携手”精准帮扶计划。重点扶持苹果等特色产业发展，通过陕西省证监局协调长江期货在延长县设立营业部。协调推出“工银易农贷”苹果产业扶贫融资金融产品，开创了保险、期货、银行、政府、农户“五位一体”的金融扶贫新模式，果农成功实现了稳收增收。

三是聚焦民生改善，围绕“两不愁三保障”等群众最关心、最迫切的问题开展帮扶济困，让扶贫更有“温度”。坚持扶贫与扶智、扶志相结合，在延长县首次实现各阶段教育扶贫全覆盖。加大健康扶贫投入，实施妇幼健康促进项目，资助开展妇幼急重症医疗骨干人才培养计划。加大基础设施建设投入，紧扣美丽乡村建设工作重点，通过危房改造、“厕所革命”、绿化管护等多措并举，改善生态环境。

下一步，中金所将持续聚焦发挥期货市场功能，更好服务乡村振兴。深化政策研究，探索创新“期货+科技+银行”模式，继续协同行业力量强化苹果期货功能，完善“保险+期货”业务模式，进一步稳定果农收入。继续发挥交易所行业引领优势，积极鼓励协同各类金融机构、行业单位探索建立解决相对贫困的长效机制，提高延长县特色产品市场竞争力和抗风险能力，着重增强内生发展动力和发展活力。