From zero to one, from small to large, from weak to strong, why can China's futures market succeed?

This year is the 100th anniversary of the founding of the Communist Party of China, and China's futures market has also gone through 30 years of development. The 30-year development history and development achievements have proved: strengthening the party’s centralized and unified leadership over economic work is a major advantage of the socialist system with Chinese characteristics and a fundamental guarantee for strong economic work. If China's futures market is to take advantage of the trend and start a new journey of high-quality development, it must unswervingly insist on strengthening the party's overall leadership over the futures market.

China's futures market has embarked on a road to success in 30 years

On October 12, 1990, China's Zhengzhou Grain Wholesale Market opened, this opened the prelude to the development of China's futures market. Over the past 30 years, the Chinese futures market has grown from zero to one, from small to large, from weak to strong, and it has embarked on an extraordinary path of development.

Continuous improvement of product system

Over the past 30 years, following the requirements of economic system reform and responding to the demand from the real economy, China's futures market has continuously promoted product innovation, starting from the grain and oil spot market, to spot forward contract transactions and the introduction of standardized contracts. It basically forms a future-spot synergy, diversified and open derivatives system. As of the end of 2020, the entire market has 90 futures and options, including 62 commodity futures, 6 financial futures, and 22 options, covering important industries such as finance, agricultural products, metals, energy and chemical industries that are related to the national economy and people's livelihood. At present, mature varieties in the international market have been listed in China. China has also launched unique varieties with Chinese characteristics and international influences such as PTA, apples, and red dates. The variety system is becoming more and more completed, laying a solid foundation for expanding the depth and breadth of serving the real economy.

Rapid growth in market size

In the past 30 years, with the rapid development of China's economy, the trading volume and open interest of various exchanges have shown explosive growth, and the global ranking has continued to move forward. Take the Zhengzhou Commodity Exchange as an example. In 2020, its trading volume reached 1.7 billion lots, compared with 1993 (March 1993, when the Zhengzhou Commodity Exchange was established. In May of the same year, it successfully launched 5 varieties of wheat, corn, soybeans, mung beans, and sesame. The futures trading has achieved the goal of starting from the spot market to the futures development determined by the State Council. Therefore, compared with the value in 1993, it has increased by more than 1,500 times; the turnover is 60.1 trillion yuan, an increase of more than 2,400 times compared with 1993; The volume was 7.134 million lots, an increase of more than 370 times over 1993. The rapid growth of the futures market is evident. From the perspective of the global derivatives market, China's commodity futures trading volume has ranked first in the world for 10 consecutive years, and the three commodity futures exchanges: Zhengzhou Commodity Exchange, Shanghai Futures Exchange and Dalian Commodity Exchange have been among the top 15 global derivatives exchanges for 11 consecutive years. The international influence of China's futures market continues to increase, and the influence to speak in the field of international bulk commodities continues to increase.

Risk prevention and control are more developed

In the past 30 years, China’s futures market has established a "five-in-one" futures supervision work mechanism with the prevention of systemic risks as the bottom line, and established a relatively complete futures market management system and standard system. China’s futures market continues to promote the regulatory transformation, establishes a new system of supervision during and after the event, and promote more procedural and standardized supervision. Implements supervision arrangements, improves programmatic transaction supervision measures, promotes technology-enabled supervision, and enhances market supervision efficiency. Under the impact of the 2008 global financial crisis and the 2020 new crown pneumonia epidemic, China's futures market has been operating smoothly and orderly without major risk events, this fully demonstrates the institutional advantages and governance effectiveness of futures supervision. The results report of China’s “Financial Sector Assessment Program” (FSAP) jointly launched by the International Monetary Fund and the World Bank believes that China’s advanced practices such as penetrating supervision, investor protection, and market risk monitoring are worth to learn by other markets.

Innovation and opening up continue to deepen

In the past 30 years, China’s futures market has continued to explore and practice, and successfully explored business models with distinctive Chinese characteristics in important areas such as product research and development, trading rules, regulatory arrangements, insurance and education, opening to the outside world, and poverty alleviation. China’s futures market has achieved the international influence. Especially in recent years, under the strong impetus of supply-side structural reforms, China’s futures market has achieved historic breakthroughs in many areas: the pace of product listings has accelerated. From 2016 to the end of 2020, a total of 38 new futures and options are listed. Approximately 42% of the existing listed products; the new era of commodity options has opened. Since the first commodity option was listed on March 31, 2017, a total of 22 commodity options have been listed, basically covering the main mature futures varieties; opening to the outside world has achieved new breakthroughs, the introduction of specific products such as crude oil, iron ore, and PTA that are open to the outside world, the complete abolition of restrictions on the foreign shareholding ratio of futures companies, and the acceleration of the two-way market opening.

Significantly improved service capabilities

In the past 30 years, the functions of the futures market have been continuously brought into play. The existing varieties of tools have covered agriculture, metals, energy, chemicals, finance and other major areas of the national economy, and have successively launched "Order + Futures", "Insurance + Futures" and "Basis Trading" and the "Futures+" comprehensive service model is deeply integrated with the real economy and has become an indispensable pricing and risk management tool for economic development. It also contributes futures power to the "Rural Revitalization" and "Poverty Alleviation" strategy. The function of the futures market has also been recognized by all parties. More than 90% of PTA manufacturers, more than 85% of key sugar groups, more than 80% of large and medium-sized cotton trading companies, and about 50% of coal power companies that have entered the top 500 Chinese companies use futures to manage risks, and the “insurance + futures” pilot program has been written into the No. 1 document for many years as a new model of supporting and benefiting farmers. As an important part of the country's modern financial system, China's futures market has become an indispensable "stabilizer" for the high-quality development of the national economy, and plays an important role in serving the real economy and national strategies.

General Secretary Xi Jinping pointed out: "No matter how far we go, we must not forget the way we came." Over the past 30 years, China's futures market has embarked on a path of reform and development that suits national conditions, and has accumulated many valuable experiences that need to be cherished and inherited. One of the most important is that we must always uphold and strengthen the party's overall leadership over the futures market. The leadership of the party is a major advantage of China's futures market and the fundamental guarantee for the development of the futures market.

The leadership of the party gave the futures market the courage to explore

In December 1978, the Session of the Eleventh Central Committee of the Party opened, it states that China's economic system reform and began the transformation from a planned economic system to a socialist market economic system. With the deepening of reforms, the concept of "planned economy is the basic feature of socialist economy". The Session of the Thirteenth Central Committee of the Communist Party of China proposed to establish an economic system and operating mechanism that adapts to the development of socialist planned commodity economy and combines planned economy with market regulation. The futures market has been established and developed in response to the needs of this reform.

The government work report of the State Council in 1988 clearly proposed to explore futures trading. In October 1990, Zhengzhou Grain Wholesale Market started a pilot project for futures trading. However, due to the ideological concerns of "surnamed society and capitalist", the initial progress of the pilot program was slow.

In early 1992, during inspections in Shenzhen, Shanghai and other places, Deng Xiaoping pointed out that "securities, stock markets, are these things good, are there any dangers, are they unique to capitalism, can socialism be used? we will see the in future. If you see it right, do it for a year or two, let it go; if it’s wrong, correct it, and close it. you can close it fast, you can close it slowly, or you can leave a little opportunity. Don’t need to be afraid and we won’t make big mistakes.” (Selected Works of Deng Xiaoping, Vol. 3, p. 273) The spirit of Deng Xiaoping’s “Southern Talks” gave the pioneers of China’s securities and futures markets courage and determination, and encouraged people. Due to this and China has strengthened the confidence that the futures market pilot program will continue. Inspired by this, enthusiasm for reform and opening up has risen throughout the country, and a wave of construction of futures markets has been set off in various places.

In 2013, General Secretary Xi Jinping inspected the DCE and asked to "explore boldly, and strive to find a way to success." In 2014, the "Several Opinions on Further Promoting the Healthy Development of Capital Markets" clearly stated that "continue to launch bulk resource product futures, develop commodity options, commodity indexes, carbon emission rights and other trading tools, and give full play to futures market price discovery and risk management. Function to enhance the ability of the futures market to serve the real economy" "adapt to the needs of capital market risk management, and develop financial derivatives in a stable and orderly manner".

It can be seen that it was the leadership of the party that gave the futures market the courage to explore boldly, breaking the ideological shackles, condensing development consensus, and laying the ideological foundation for future development.

The leadership of the party adheres to the original mission of serving the entity in the futures market

Different from the spontaneous emergence of overseas futures markets, China's contemporary futures market was born out of the inherent needs of price reform and circulation reform at that time, and is a mandatory system change led by the Party Central Committee, the State Council and local governments. The initial pilot project undertook the historical mission of exploring the way for price reform and circulation reform.

After hesitating in the initial stage of the pilot, a series of problems began to emerge with the upsurge of building futures markets in various places, triggering a series of economic disputes and social problems, which also violated the original intention of building futures markets. After careful consideration, the Party Central Committee and the State Council decided to allow the futures market to reform and opening up, continue the pilot program, and to maintain standardized futures exchanges through clean-up and consolidation, mergers and reorganization of some exchanges. To a certain extent, clean-up and rectification is a correction of the futures market's departure from its original mission.

Under the leadership of the party, after clean-up and rectification, with the return of the original mission of "serving the real economy", the government and the market, institutional supply and market innovation began to re-explore boundaries, reach consensus, and cohesive force. The futures market has innovated and developed new derivative businesses such as commodity swaps and warehouse receipt transactions. It has successively launched "futures +" comprehensive service models such as "orders + futures", "insurance + futures", and "basis trading", which are deeply integrated with the real economy and become an indispensable pricing and risk management tool for economic development. The futures market itself has also developed and grown while serving the real economy.

It can be seen that the party’s leadership has upheld the original intention and mission of the futures market to serve the real economy, and avoided the development tendency of the futures market to "remove from reality to virtual". China's futures market has gained inexhaustible momentum for sustainable development because of its fundaments in the real economy.

The leadership of the party firmed the development of the futures market

General Secretary Xi Jinping emphasized that we must adhere to the people-centered approach and continue to realize the people's yearning for a better life. Specific to the futures market, keeping in mind the fundamental purpose of serving the people wholeheartedly, and always taking the people's stand for the development of the futures market, an important task is to safeguard the rights and interests of market investors.

The chairman of the China Securities Regulatory Commission, Huiman Yi, pointed out that China has the world's largest group of public investors, and they have always shared ups and downs with the capital market and grow together. The reform, development and stability of the capital market is directly related to the vital interests of hundreds of millions of families and hundreds of millions of people. It respects and fears investors, resolutely cracks down on all kinds of illegal activities, and effectively protects the legitimate rights and interests of investors. It is a concrete manifestation of the people's character of capital market supervision.

Specific to the Chinese futures market, as of the end of 2020, there are 1.863 million effective customers in the futures market, including 1.804 million individual customers and 59,000 unit customers. Individual customers are still the main force of investors in the futures market. Insufficient knowledge, investment experience, and risk awareness of some investors are also basic national conditions. In addition, the futures market is a high-risk market, and effective protection of the legitimate rights and interests of investors has become the bottom line of the industry. At the same time, as the provider of market liquidity, the influencer of market expectations, and the bearer of market risk, investors' behavior directly affects the functioning of futures market price discovery and risk avoidance. Therefore, protecting the legitimate rights and interests of investors is also an important guarantee for the healthy development of the futures market.

In order to protect investors, under the strong leadership of the Party Committee of the China Securities Regulatory Commission, China's futures market has explored in many aspects: innovatively launch an investor suitability system, implement unified account opening in the futures market, and protect investors from the source; establish futures margin security depository monitoring system to ensure the safety of client funds in the futures market; establish a futures market risk supervision index system to enhance the ability of futures companies to resist risks and protect the rights and interests of investors; establish a futures investor protection fund; actively carry out investor education and launch the "Futures Investment” and other investment and education platforms to build education bases for futures investors at all levels; set up consultation and complaint hotlines and online complaint platforms to receive visits and letters from investors, and continue to accept and respond to investors’ demands; carry out activities and publicity to prevent non-traditional fraud , improve investors' ability to identify illegal futures activities and awareness of prevention. Various explorations have enabled the futures market to build an investor rights protection system with unique Chinese characteristics, creating a "Chinese guarantee" for domestic futures investors. It can be seen that the leadership of the party has firmly established the people-centered development position of the futures market.

The leadership of the party guarantees the development direction of marketization, rule of law and internationalization of the futures market

The emergence of China's futures market served the inherent needs of price reform and circulation reform at that time, and objectively promoted the transformation of China's economic system from a planned economy to a socialist market economy. With the continuous development of the socialist market economy under the leadership of the party, the futures market has also been moving forward in the direction of marketization. For example, the market competition among futures companies has become increasingly fierce, the concentration has continued to increase, and the trend of futures companies becoming heads is obvious.

The futures market is a rule-oriented market under the rule of law. As early as October 1992, China's first futures trading rules-"China Zhengzhou Commodity Exchange Futures Trading Rules" was born, creating a precedent for standardized futures trading. With the promulgation and multiple revisions of the "Interim Regulations on the Administration of Futures Trading" in 1999, the China Securities Regulatory Commission issued a series of regulations and normative documents to regulate the management of futures exchanges, futures companies and practitioners in the futures industry, marking the beginning of the futures market. At present, China’s futures market has formed the core of the "Administrative Regulations on Futures Trading" and other relevant administrative regulations issued by the State Council, and the "Administrative Measures on Futures Exchanges" issued by the China Securities Regulatory Commission as the main body of departmental regulations and regulatory documents. The self-discipline management rules formulated by the China Futures Industry Association are an important part of the institutional standard system. More importantly, the draft of the futures law has been publicly solicited for comments, and for the first time the legal qualitative, regulatory framework, and business norms of financial derivatives have been raised to the level of legislation by the National People's Congress, which reflects the country's work on the development of futures and derivatives markets and the construction of the rule of law. The deep concern and high attention of the company. This shows that under the leadership of the party and the coordination and coordination of various departments, the process of special legislation for China's futures market has accelerated again, and the process of rule of law in China's futures market has taken a big step forward.

In the past 30 years, practitioners in China's futures market have been the pioneers in opening up. China's first standardized futures trading rules were the result of the cooperation between ZCE and the Chicago Board of Trade (CBOT) in the special historical environment in the early 1990s. Since the 18th National Congress of the Communist Party of China, under the strong leadership of the Party Central Committee, China has promoted financial opening in an orderly manner and promoted reform through opening up. The internationalization of the futures market has also entered a new era: crude oil futures, iron ore futures, PTA futures, No. 20 rubber futures, etc. have successively introduced overseas traders, and the path for the opening of certain products has basically taken shape; the expansion and opening policy of the futures service industry has officially landed. The restrictions on foreign shareholding of futures companies will be lifted from 2020. Many futures companies have established overseas subsidiaries, and some have successfully listed on overseas exchanges. Domestic exchanges have gradually deepened their overseas presence through the establishment of overseas offices. It can be seen that the leadership of the party has ensured the development direction of marketization, rule of law, and internationalization of the futures market.

The leadership of the party ensures the rapid and steady development of the futures market

The futures market is a high-risk market, and preventing risks is the "lifeline" for the development of the futures market. Under the leadership of the party, China's futures market has always attached great importance to risk prevention and control for 30 years.

In 1993, the Session of the 14th Central Committee of the Communist Party of China clearly stated in the "Decision of the Central Committee of the Communist Party of China on Several Issues Concerning the Establishment of a Socialist Market Economy System" that "strictly regulate the pilot projects of a few commodity futures markets." In order to implement this requirement, the State Council successively issued the "Notice on Resolutely Stopping the Blind Development of the Futures Market", "Notice on Further Rectification and Regulation of the Futures Market", and "Interim Futures Market" in November 1993, August 1998, and June 1999. Regulations and other regulatory documents and administrative regulations provide legal guarantees for regulating the responsibilities and transaction behaviors of market entities and strengthening risk management.

In November 1993, the State Council authorized the China Securities Regulatory Commission as the administrative department for the futures market. In 1998, it was clear that the China Securities Regulatory Commission would conduct vertical management and centralized and unified supervision of the futures market. In December 2000, the China Futures Association was established, forming a regulatory system that combines the administrative supervision of the China Securities Regulatory Commission, the front-line supervision of exchanges and the self-regulation of the association. In 2006, the establishment of the futures market monitoring center realized a large concentration of futures market data, thereby establishing the "five-in-one" futures supervision work of the China Securities Regulatory Commission, local agencies, futures exchanges, China Futures Market Monitoring Center and China Futures Association mechanism. Among them, the establishment of a monitoring center is a major innovative arrangement of China's futures market supervision system. It has distinctive Chinese characteristics and originality on a global scale. It has been highly praised by international evaluation organizations and regulatory counterparts.

At the same time, under the leadership of the Party Committee of the China Securities Regulatory Commission, China’s futures market has explored the management model of "one account, one code" and unified real-name account opening. On the basis of the "one account, one code" system, it has developed a security deposit management monitoring system, warehouse system, account management, large account reporting system, etc., these systems have played an irreplaceable role in preventing market manipulation and preventing risks. Internationally, the unique "penetrating" supervision system of China's futures market has also received increasing attention. At the International Securities Regulatory Commission's organizational meeting in November 2017, representatives of the China Securities Regulatory Commission gave a special introduction to the "penetrating" regulatory system, which attracted great attention and praise from the participants. The stable operation of the futures market over the years also proves that this set of regulatory systems in our country is effective and can withstand the test of the market. It can be seen that the leadership of the party has ensured the rapid and steady development of the futures market.

the party's leadership escorts a new journey of high-quality development of the futures market

The 30-year development of China’s futures market has vividly proved that the leadership of the party is the fundamental guarantee for the development of the futures market. It is with the strong leadership of the party that China's futures market has overcome numerous difficulties, achieved standardized development, and played a major role.

The Session of the Nineteenth Central Committee of the Communist Party of China described the grand blueprint for economic and social development during the "14th Five-Year Plan" period, and also put forward new and higher requirements on the futures market. After 30 years of accumulation, the foundation and conditions for the high-quality development of the futures market are constantly being formed and consolidated. The real economy has huge potential, the overall macro environment is improving, and the new advantages of international cooperation and competition continue to increase. China’s futures market is in a rare strategic development opportunity. period. To adapt to the new development stage, implement the new development concept, and build a new development pattern, it is necessary to take advantage of the trend and take the new journey of high-quality development. It is necessary to adhere to and strengthen the party's leadership of the futures market.

Strengthen the leadership of the party

Further enhance the "four consciousnesses", strengthen the "four self-confidence", achieve "two safeguards", give play to the leadership role of the party organization, set the direction, manage the overall situation, promote implementation, and adhere to Xi Jinping's new era of socialism with Chinese characteristics. In-depth study and implementation of the spirit of the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China and the Central Economic Work Conference, based on the "two overall situations", more consciously stand in the new development stage, implement the new development concept, integrate into the new development pattern, and closely focus on the Securities Regulatory Commission It will build the general goal of a standardized, transparent, open, dynamic and resilient capital market, adhere to the general tone of the work of seeking progress while maintaining stability, and promote various tasks based on its own reality.

Do a good job in party building

Further strengthen the education of ideals and beliefs, insist on administering the party strictly in an all-round way, persevere in discipline, strengthen party spirit education, strengthen discipline education, strengthen the construction of party style and clean government, and continuously increase the creativity, cohesion, and combat effectiveness of party organizations. The model enables the majority of party members to give full play to their vanguard role and provide a strong political guarantee for doing a good job and promoting the development of the futures market.

Strengthen work planning

Further enhance political awareness, improve political positions, attach importance to thinking and planning their own work from a political perspective, be good at observing and analyzing industry development issues with a political perspective, and earnestly implement the Party Central Committee's decision-making and deployment into their own work; improve professionalism, strive to become an expert in leading the construction of a new development pattern, enhance the sense of urgency to recharge the lessons, learn what to do, and make up for what is lacking, and consciously catch up with the trend of the times.

无到有、从小到大、由弱变强，中国期货市场为什么能成功？

今年是中国共产党成立100周年，中国期货市场也已走过了30年的发展历程。30年的发展历程和发展成就证明：坚持加强党对经济工作的集中统一领导，是中国特色社会主义制度的一大优势，是做好经济工作的根本保证。中国期货市场要乘势而上、开启高质量发展新征程，必须毫不动摇地坚持加强党对期货市场的全面领导。

砥砺奋进 中国期货市场30年走出一条成功之路

1990年10月12日，中国郑州粮食批发市场开业，拉开了中国期货市场发展的序幕。30年来，中国期货市场从无到有、从小到大、由弱变强，走出了一条不平凡的发展道路。

产品体系不断完善

30年间，顺应经济体制改革要求，响应实体经济需求，中国期货市场不断推进产品创新，从粮油现货市场起步，到现货远期合同交易和推出标准化合约，基本形成期现货协同、多元开放的衍生品框架体系。截至2020年年底，全市场已拥有90个期货、期权品种，其中商品期货62个、金融期货6个、期权22个，覆盖金融、农产品、金属、能源化工等关系国计民生的重要行业。目前，国际市场成熟品种均已在我国上市，我国还推出PTA、苹果、红枣等具有中国特色和国际影响的独有品种，品种体系日趋完善，为拓展服务实体经济的深度、广度奠定了坚实基础。

市场规模迅猛增长

30年间，伴随着中国经济的快速发展，各交易所的成交量、持仓量呈现爆发式增长，全球排名不断前移。以郑商所为例，2020年其成交量达17亿手，较1993年（1993年3月，郑商所挂牌成立，同年5月，顺利推出小麦、玉米、大豆、绿豆、芝麻5个品种的期货交易，实现了国务院确定的由现货市场起步向期货发展的目标。因此，与1993年数值做比较）增长超1500倍；成交金额60.1万亿元，较1993年增长2400多倍；日持仓量713.4万手，比1993年增长370多倍。期货市场的飞速增长可见一斑。从全球衍生品市场来看，我国商品期货成交量连续10年位居全球第一，郑商所、上期所、大商所三家商品期货交易所连续11年跻身全球衍生品交易所15强。中国期货市场的国际影响力不断提升，在国际大宗商品领域的话语权持续增强。

风险防控更加成熟

30年间，中国期货市场以防范系统性风险为底线，确立了“五位一体”的期货监管工作机制，建立了较为完备的期货市场管理制度规范体系。持续推进监管转型，建立事中事后监管新体制，促进监管更加程序化、规范化。落实看穿式监管安排，完善程序化交易监管措施，推进科技赋能监管，提升市场监管效能。在2008年全球金融危机和2020年新冠肺炎疫情冲击下，中国期货市场运行平稳有序，没有发生大的风险事件，充分彰显了期货监管工作的制度优势和治理效能。国际货币基金组织、世界银行联合开展的中国“金融部门评估规划”（FSAP）成果报告认为，中国的穿透式监管、投资者保护和市场风险监测等先进做法值得其他市场借鉴。

创新开放不断深入

30年间，中国期货市场不断探索和实践，在品种研发、交易规则、监管安排、投保宣教、对外开放、扶贫帮困等重要领域，成功探索出具有鲜明中国特色的业务模式，并产生了显著的国际影响。尤其是近年来，在供给侧结构性改革的强力推动下，中国期货市场在多个领域实现历史性突破：品种上市步伐加速，2016年至2020年年底，共新上市期货、期权品种38个，约占现有上市品种数量的42%；商品期权新时代开启，自2017年3月31日首个商品期权挂牌以来，共上市22个商品期权，基本覆盖了主要成熟期货品种；对外开放实现新突破，推出原油、铁矿石、PTA等对外开放特定品种，全面取消期货公司外资股比限制，提速市场双向开放。

服务能力显著提升

30年间，期货市场的功能得以不断发挥，现有品种工具已覆盖农业、金属、能源、化工、金融等国民经济主要领域，并相继推出“订单+期货”“保险+期货”“基差贸易”等“期货+”综合服务模式，与实体经济深度融合，成为经济发展不可或缺的定价和风险管理工具，也为“乡村振兴”“脱贫攻坚”战略贡献了期货力量。期货市场的功能也得到各方的认可，超过90%的PTA生产企业、85%以上的重点制糖集团、80%以上的棉花大中型贸易企业、约50%进入中国企业500强的煤电企业均利用期货管理风险，“保险+期货”试点作为支农惠农新模式已经连续多年写入中央一号文件。中国期货市场作为国家现代金融体系的重要组成部分，已成为国民经济高质量发展不可或缺的“稳定器”，在服务实体经济和国家战略中发挥着重要作用。

习近平总书记指出：“无论我们走多远，都不能忘记来时的路。”30年来，中国期货市场走出了一条符合国情的改革发展之路，积累了众多需要倍加珍惜、继续承继的宝贵经验。其中最重要的一条就是，必须始终坚持和加强党对期货市场的全面领导。党的领导是中国期货市场的一大优势，是期货市场发展的根本保证。

党的领导赋予期货市场大胆探索的发展勇气

1978年12月，党的十一届三中全会拉开了中国经济体制改革的序幕，开始了从计划经济体制向社会主义市场经济体制的转型。随着改革的深入，“计划经济是社会主义经济基本特征”的观念被逐步摆脱。党的十三届四中全会提出，建立适应社会主义有计划商品经济发展的、计划经济与市场调节相结合的经济体制和运行机制。期货市场因应这一改革需要建立和发展起来。

1988年的国务院政府工作报告明确提出探索期货交易。1990年10月，郑州粮食批发市场开始了期货交易的试点。可囿于“姓社姓资”的思想顾虑，试点初期进展缓慢。

1992年年初，在深圳、上海等地视察时，邓小平同志指出“证券、股市，这些东西究竟好不好，有没有危险，是不是资本主义独有的东西，社会主义能不能用？允许看，但要坚决地试。看对了，搞一两年对了，放开；错了，纠正，关了就是了。关，可以快关，也可以慢关，也可以留点尾巴。怕什么，坚持这种态度就不要紧，就不会犯大错误。”（《邓小平文选》第3卷，第273页）邓小平同志“南方谈话”精神给了中国证券、期货市场开拓者们勇气和决心，鼓励人们解放思想，积极探索，也坚定了期货市场试点还会继续下去的信心。受此激励，全国上下升腾起改革开放的热情，各地纷纷掀起建设期货市场的浪潮。

2013年，习近平总书记视察大商所，要求“脚踏实地，大胆探索，努力走出一条成功之路”。2014年，《关于进一步促进资本市场健康发展的若干意见》明确，“继续推出大宗资源性产品期货品种，发展商品期权、商品指数、碳排放权等交易工具，充分发挥期货市场价格发现和风险管理功能，增强期货市场服务实体经济的能力”“适应资本市场风险管理需要，平稳有序发展金融衍生产品”。

可见，是党的领导赋予了期货市场大胆探索的发展勇气，为之后的发展打破了思想桎梏、凝聚了发展共识、奠定了思想基础。

党的领导坚持期货市场服务实体的初心使命

不同于境外期货市场的自发产生，中国当代期货市场脱胎于当时价格改革和流通环节改革的内在需要，是党中央、国务院及地方政府主导的强制性制度变迁。最初的试点承担了为价格改革和流通环节改革探路的历史使命。

经过试点初期的犹豫，随着各地掀起建设期货市场的热潮，一系列问题开始显现，引发一系列经济纠纷和社会问题，也违背了建设期货市场的初心。党中央、国务院慎重考虑后决定，让具有改革开放标志意义的期货市场继续试点，通过清理整顿、兼并重组一些交易所，保留规范的期货交易所。清理整顿，某种程度而言是对期货市场背离初心使命的纠偏。

在党的领导下，经过清理整顿，随着“服务实体经济”这一初心使命的回归，政府与市场之间、制度供给与市场创新之间开始重新探索边界、达成共识、凝聚合力。期货市场创新发展出商品互换、仓单交易等新型衍生业务，相继推出“订单+期货”“保险+期货”“基差贸易”等“期货+”综合服务模式，与实体经济深度融合，成为经济发展不可或缺的定价和风险管理工具。期货市场本身也在服务实体经济中得以发展壮大。

可见，党的领导维护了期货市场服务实体经济的初心和使命，避免了期货市场“脱实向虚”的发展倾向，中国期货市场因为根植实体经济而获得了永续发展的不竭动力。

党的领导坚定期货市场以人民为中心的发展立场

习近平总书记强调，必须坚持以人民为中心，不断实现人民对美好生活的向往。具体到期货市场，牢记全心全意为人民服务的根本宗旨，始终站稳期货市场发展的人民立场，一项重要任务就是维护好市场投资者权益。

证监会主席易会满指出，我国拥有全球规模最大的公众投资者群体，他们始终与资本市场共担风雨、共同成长。资本市场改革发展稳定，直接关乎亿万家庭、数亿群众的切身利益，尊重投资者、敬畏投资者，坚决打击各类违法违规行为，切实保护投资者的各项合法权益，是资本市场监管人民性的具体体现。

具体到中国期货市场，截至2020年年底，全期货市场有效客户数186.3万个，其中个人客户180.4万个，单位客户5.9万个，个人客户仍是期货市场投资者的主力。而一些投资者知识储备、投资经验和风险意识不足也是基本国情，加之期货市场属于高风险市场，有效保护投资者合法权益就成了行业底线。同时，投资者作为市场流动性的提供者、市场预期的影响者、市场风险的承担者，其行为直接影响期货市场价格发现、规避风险等功能的发挥。因此，保护投资者合法权益也是期货市场健康发展的重要保障。

为保护投资者，在证监会党委的坚强领导下，中国期货市场开展多方面探索：创新推出投资者适当性制度，实行期货市场统一开户，从源头上实现对投资者的保护；建立期货保证金安全存管监控制度，确保期货市场客户资金安全；建立期货市场风险监管指标体系，提升期货公司抗击风险、保障投资者权益的能力；建立期货投资者保障基金；积极开展投资者教育，上线“期货投教网”等投教平台，建设各级期货投资者教育基地；设立咨询投诉热线和网上投诉平台，接待投资者来访、来函，持续接受、回应投资者诉求；开展“防非打非”活动及宣传，提高投资者对非法期货活动的识别能力及防范意识。各项探索使得期货市场构筑了独具中国特色的投资者权益保障体系，为境内期货投资者铸就“中国保障”。可见，党的领导坚定了期货市场以人民为中心的发展立场。

党的领导保证期货市场市场化、法治化、国际化的发展方向

中国期货市场的产生，服务于当时价格改革和流通环节改革的内在需要，客观上推动了我国经济体制由计划经济向社会主义市场经济转型。而随着党领导社会主义市场经济不断发展，期货市场也沿着市场化的方向不断前行，例如，期货公司之间的市场竞争日趋激烈，集中度不断提升，期货公司头部化趋势明显。

期货市场是规则导向的法治市场。早在1992年10月，中国第一部期货交易规则——《中国郑州商品交易所期货交易规则》诞生，开创了规范化期货交易的先河。伴随1999年《期货交易管理暂行条例》的出台和多次修订，证监会配套出台了规范期货交易所、期货公司以及期货行业从业人员管理的一系列规章、规范性文件，标志着期货市场开始“有法运行”。目前，我国期货市场已经形成了以国务院发布的《期货交易管理条例》等相关行政法规为核心，证监会发布的《期货交易所管理办法》等部门规章和规范性文件为主体，期货交易所、中国期货业协会制定的自律管理规则等为重要组成部分的制度规范体系。更重要的是，期货法草案已公开征求意见，首次将金融衍生品的法律定性、监管框架、业务规范等问题提升至人大立法的层面，体现了国家对于期货及衍生品市场发展和法治建设工作的深切关注和高度重视。这表明，在党的领导下，在各部门的统筹配合下，我国期货市场专门立法的进程再次加速，中国期货市场的法治化进程又向前跨越一大步。

30年来，中国期货市场从业者勇做对外开放的“排头兵”。中国第一部规范化的期货交易规则，就是郑商所人在20世纪90年代初特殊的历史环境下，与美国芝加哥期货交易所（CBOT）合作的成果。党的十八大以来，在党中央的坚强领导下，我国有序推进金融开放，以开放促改革。期货市场的国际化也随之进入新时代：原油期货、铁矿石期货、PTA期货、20号胶期货等相继引入境外交易者，特定品种对外开放路径基本成型；期货服务业扩大开放政策正式落地，期货公司外资股比限制2020年起取消，多家期货公司设立境外子公司，有的还在境外交易所成功上市；国内各交易所也通过设立境外办事处等方式逐步深化境外布局。可见，党的领导保证了期货市场市场化、法治化、国际化的发展方向。

党的领导确保期货市场蹄疾步稳的发展状态

期货市场属于高风险市场，防范风险是期货市场发展的“生命线”。在党的领导下，我国期货市场30年来始终高度重视风险防控。

1993年，中国共产党十四届三中全会在《中共中央关于建立社会主义市场经济体制若干问题的决定》中明确“严格规范少数商品期货市场试点”。为贯彻落实这一要求，国务院先后于1993年11月、1998年8月、1999年6月发布《关于坚决制止期货市场盲目发展的通知》《关于进一步整顿和规范期货市场的通知》《期货暂行条例》等规范性文件和行政法规，为规范市场主体责任和交易行为、加强风险管理提供法律保障。

1993年11月，国务院授权证监会作为期货市场的行政管理部门，1998年，明确证监会对期货市场进行垂直管理和集中统一监管。2000年12月，中国期货业协会成立，形成了证监会行政监管、交易所一线监管和协会自律监管相结合的监管制度。2006年，期货市场监控中心的成立实现了期货市场数据大集中，从而确立了中国证监会、派出机构、期货交易所、中国期货市场监控中心和中国期货业协会“五位一体”的期货监管工作机制。其中，设立监控中心是我国期货市场监管体系的一项重大创新安排，具有鲜明的中国特色，在全球范围具有独创性，得到了国际评估组织和监管同行的高度评价。

同时，在证监会党委的领导下，我国期货市场探索出“一户一码”实名制统一开户的管理模式，并在“一户一码”制度的基础上发展出保证金安全存管监控制度、限仓制度、关联账户管理、大户报告制度等，这些制度对防止市场操纵、防范风险起到了不可替代的作用。在国际上，我国期货市场独有的“穿透式”监管制度也日益受到重视。在2017年11月的国际证监会组织会议上，中国证监会代表对“穿透式”监管制度作了专题介绍，引起与会者的高度关注和好评。而多年来期货市场的平稳运行，也证明我国的这套监管制度是行之有效的、经得起市场考验的。可见，党的领导确保了期货市场蹄疾步稳的发展状态。

乘势而上 党的领导护航期货市场高质量发展新征程

中国期货市场30年的发展历程生动证明，党的领导是期货市场发展的根本保证。正是有了党的坚强领导，中国期货市场才克服重重困难，实现规范发展，发挥重大作用。

党的十九届五中全会描绘了“十四五”时期经济社会发展的宏伟蓝图，也对期货市场提出了新的更高要求。经过30年的积累，期货市场高质量发展的基础和条件正在不断形成和巩固，实体经济潜力巨大、宏观环境总体向好、国际合作和竞争新优势不断增强，我国期货市场处于难得的战略发展机遇期。要适应新发展阶段、贯彻新发展理念、构建新发展格局，要乘势而上、走好高质量发展新征程，必须坚持、加强党对期货市场的领导。

加强党的领导

进一步增强“四个意识”、坚定“四个自信”、做到“两个维护”，发挥党组织的领导作用，把方向、管大局、促落实，坚持以习近平新时代中国特色社会主义思想为指导，深入学习贯彻党的十九届五中全会和中央经济工作会议精神，立足“两个大局”，更加自觉地站位新发展阶段、贯彻新发展理念、融入新发展格局，紧紧围绕证监会打造一个规范、透明、开放、有活力、有韧性的资本市场的总目标，坚持稳中求进工作总基调，立足自身实际，推动各项工作。

抓好党的建设

进一步加强理想信念教育，坚持全面从严治党，持之以恒正风肃纪，加强党性教育，加强纪律教育，加强党风廉政建设，不断增长党组织创造力、凝聚力、战斗力，使基层党组织充分发挥先锋模范作用，使广大党员充分发挥先锋模范作用，为做好工作、推动期货市场发展提供坚强政治保障。

强化工作谋划

进一步增强政治意识，提高政治站位，重视从讲政治的高度思考谋划自身工作，善于用政治眼光观察和分析行业发展问题，真抓实干把党中央决策部署贯彻到自身工作中；提高专业化能力，努力成为领导构建新发展格局的行家里手，增强补课充电的紧迫感，干什么学什么、缺什么补什么，自觉赶上时代潮流。