Zhu Lihong, General Manager of the Guangdong Futures Exchange: Explore new ways and new paths for the futures market to serve the green transformation and development of China's economy.

Zhu Lihong, general manager of Guangzhou Futures Exchange, stated at the 17th China (Shenzhen) International Futures Conference on December 5 that in the face of many product innovations, new research fields and new investment groups, in-depth research, deep understanding and further improvement of innovation capabilities are required. The Guangzhou Futures Exchange will strengthen close cooperation with entity companies and related spot markets, and jointly explore new ways and new paths for the futures market to serve the green transformation and development of China's economy. As a newly established futures exchange, the Guangzhou Futures Exchange is based on the overall requirements of "serving green development, serving the Guangdong-Hong Kong-Macao Greater Bay Area, and serving the "One Belt One Road" initiative". In accordance with the basic principles of "differentiated positioning and misplaced development" determined by the China Securities Regulatory Commission, adhere to the development positioning of innovation, marketization and internationalization, actively serve the carbon peak and carbon neutral goals, and help the economic and social green and low-carbon transformational development.

Zhu Lihong said that according to the two-year product listing plan of the Guangzhou Futures Exchange approved by the China Securities Regulatory Commission, the products of the Guangzhou Futures Exchange mainly involve 4 major sectors and 16 varieties. Among them, green development products such as carbon emission futures are the core strategic sectors. China has the world's largest carbon market, and the free carbon allowance issued by the Ministry of Ecology and Environment in 2021 is approximately 4.3 billion tons. After the listing of carbon futures, China has the potential to become the world's largest carbon derivatives market. The China Securities Regulatory Commission attaches great importance to the construction of the carbon futures market. The Guangzhou Futures Exchange will also work closely with the spot industry to better utilize the functions of price discovery and risk management to help China achieve its carbon peak and carbon neutral goals, and reflect China's responsibility as a major country in addressing climate change.

At the same time, focusing on green and sustainable development, the Guangzhou Futures Exchange will also promote the listing of secondary energy-electric power futures, as well as new energy-related industrial silicon, polysilicon, lithium, rare earth, platinum and palladium and other metal varieties. In the field of traditional bulk commodities, China is usually the most important importer, but in terms of industrial silicon, polysilicon, rare earth and other varieties, China is the world's largest producer. Carrying out the futures trading of these varieties will help the futures market to improve China's pricing power and international influence.

"Commodity index futures is another important product sector planned by the Guangzhou Futures Exchange. It will fill another gap in the Chinese futures market." Zhu Lihong said that the Guangzhou Futures Exchange is stepping up the development of commodity composite index futures. The latter will rely on existing futures varieties to organically combine a variety of commodity futures, and from the perspective of the futures market, provide a commodity futures price index contract that reflects the operation of China's economy. It has important benchmarking significance for China's macroeconomics and will provide an important tool for domestic and foreign capital allocation in China, thereby effectively improving the investor structure of the futures market, continuously improving the operational quality and efficiency of the futures market, and further enhance the international influence of the Chinese futures market.

In addition, the Guangzhou Futures Exchange promotes the listing of specialty agricultural products such as coffee and sorghum, focusing on serving the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the national "One Belt One Road" initiative, and strengthens cooperation with domestic and foreign exchanges such as the Hong Kong Stock Exchange in product interlinking. At the same time, it is proactive, pioneering and innovative in the construction of the futures market in the Guangdong-Hong Kong-Macao Greater Bay Area.

She believes that China has entered a new stage of development during the "14th Five-Year Plan" period. The adjustment of energy structure, industrial structure, and economic structure is accelerating, and both traditional energy and new energy are facing the restructuring of the industrial chain. The short-term contradiction between supply and demand has become prominent, and the construction of the carbon market and the tight power supply situation have aroused widespread concern in the market. This has brought major challenges to both the commodity futures and spot markets. At the same time, the Guangzhou Futures Exchange is also aware of the huge opportunities contained therein. The more the transition period, the more it is necessary for the futures market to give play to its unique advantages in price discovery and risk management.

广期所总经理朱丽红：探索期货市场服务中国经济绿色转型发展的新方式和新路径

广州期货交易所总经理朱丽红12月5日在第17届中国（深圳）国际期货大会上表示，面对诸多品种创新，面对新的研究领域和新的投资群体，需要深入研究、深刻认识、进一步提升创新能力。广期所将加强与实体企业和相关现货市场的密切合作，共同探索期货市场服务中国经济绿色转型发展的新方式和新路径。广期所作为一家新成立的期货交易所，立足于“服务绿色发展，服务粤港澳大湾区，服务‘一带一路’倡议”的总体要求，按照证监会确定的“差异化定位、错位发展”的基本原则，坚持创新型、市场化、国际化的发展定位，积极服务双碳目标，助力经济社会绿色低碳转型发展。

朱丽红表示，根据证监会批复的广期所两年品种上市计划，广期所产品布局主要涉及4大板块、16个品种。其中，碳排放期货等绿色发展类产品是核心战略板块。我国有世界上规模最大的碳市场，2021年生态环境部发放的免费碳配额大约为43亿吨。碳期货上市后，中国有潜力成为全球最大的碳衍生品市场。证监会高度重视碳期货市场的建设，广期所也将与现货行业密切合作，更好地发挥价格发现和风险管理的功能，助力我国碳达峰碳中和目标的实现，体现我国在应对气候变化问题上的大国责任和大国担当。

同时，围绕绿色可持续发展，广期所还将推动二次能源——电力期货，以及与新能源有关的工业硅、多晶硅、锂、稀土、铂和钯等金属品种的上市工作。在传统的大宗商品领域，中国通常是最主要的进口国，但是在工业硅、多晶硅、稀土等品种上，我国却是全球最大的生产国，开展这些品种的期货交易，将有利于期货市场提高中国的定价能力和国际影响力。

“商品指数类期货是广期所规划的另一个重要品种板块，它将填补中国期货市场另一个空白。”朱丽红介绍，广期所正在加紧研发商品综合指数期货品种，后者将依托现有的期货品种，将多种商品期货有机结合在一起，从期货市场的视角，提供一个反映中国经济运行的大宗商品期货价格指数合约。它对中国宏观经济具有重要的标尺性意义，将为国内外资本配置中国提供重要的工具，从而有效改善期货市场的投资者结构，不断提升期货市场的运行质量和运行效率，进一步增强中国期货市场的国际影响力。

此外，广期所围绕服务粤港澳大湾区建设和国家“一带一路”倡议，推动咖啡、高粱等特色农产品的上市，加强与境内外交易所比如香港交易所，在产品互挂方面的合作，在粤港澳大湾区期货市场的建设方面积极有为、开拓创新。

她认为，“十四五”期间我国进入新发展阶段，能源结构、产业结构、经济结构调整加速，传统能源和新能源都面临着产业链重构，短期供需矛盾凸显，碳市场建设和电力供给紧张形势都引发了市场的广泛关注。这对大宗商品期货、现货市场都带来了重大挑战。与此同时，广期所也意识到了其中蕴含的巨大机遇。越是转型时期，越需要期货市场发挥在价格发现和风险管理方面的独特优势。