Speech by Vice Chairman Fang Xinghai at the launching ceremony of PTA Futures Internationalization

Dear Vice Governor He Jinping, Mr Fu Xiangsheng, Ladies and Gentlemen,

Good morning!

I am very happy to participate in the launching ceremony of PTA futures to introduce foreign traders. PTA futures is the first chemical product in China's futures market. Today it has become the first chemical product to introduce foreign traders. It is also the third international futures product after crude oil and iron ore futures. The opening to the outside world of China's futures market has taken another step forward. Here, on behalf of the China Securities Regulatory Commission, I would like to extend my warmest congratulations to the Zhengzhou Commodity Exchange! I would like to express my heartfelt thanks to the relevant departments of the State Council, the Henan Provincial Party Committee and the Provincial Government, the China Petroleum and Chemical Industry Federation, and friends from all walks of life at home and abroad!

This year marks the 40th anniversary of reform and opening up and the 30th anniversary of the development of the futures market. In the past 30 years, reform and opening up have promoted the leaping development of China's futures market. This year is the first year of the direct opening of the futures market, and the start is good. The international operation of crude oil and iron ore futures has been more than half a year, the overall market is running steadily, and foreign traders are participating in an orderly manner. Among the crude oil futures, the average daily turnover of foreign investors accounted for about 5%, and the positions accounted for about 12%. Today, PTA futures will be internationalized and will certainly achieve good results.

In terms of intermediaries, the "Administrative Measures for Foreign-invested Futures Companies " was promulgated and implemented, and eligible foreign companies can hold up to 51% of domestic futures companies, and unrestricted shareholding ratio after three years. On the exchange side, various futures exchanges actively promote the establishment of offices abroad, Shanghai International Energy Exchange and Dalian Commodity Exchange have completed registration in Hong Kong, and recently, INE has also been approved by the Singapore Monetary Authority to become a recognized market operator (RMO).

In terms of regulatory cooperation, in April this year, the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission (SFC) signed a Memorandum of Understanding on Futures Regulatory Cooperation. On November 12th, witnessed by the Chinese and Singaporean prime ministers, the China Securities Regulatory Commission and the Singapore Monetary Authority signed a Memorandum of Understanding on Futures Regulatory Cooperation and Information Exchange to further deepen the cooperation between the two countries in futures supervision.

The opening of the futures market is encouraging, and it also provides a mirror for futures market reforms, giving us an opportunity to review the rules system. There are some differences between China's futures market rules system and international practices. Some of these are things that we should insist on, and some of which need to learn from mature markets and optimize them. In the next step, we must further enhance the inclusiveness of the specific variety rule system, improve the participation of overseas traders, and improve the quality of the opening of the futures market, while ensuring that risks are controllable. The first is to optimize the suitability system for traders of specific varieties. Simplify the requirements of available funds threshold, professional knowledge test and transaction experience, and gradually integrate and unify the appropriate variety system of each futures exchange to achieve mutual recognition. The second is to optimize the account opening process, improve the efficiency of account opening, and enhance the account opening experience. Optimize the unified account opening system in the futures market and improve technical services; Properly simplify the account opening information, cancel the account opening process that is not necessary and does not conform to the overseas cultural habits, and reduce the waiting time for opening an account. The third is to reduce institutional transaction costs. Research and improve the exchange program to reduce the exchange fee for overseas traders. Orderly expand the range of securities that can be used to cover margins, and improve the efficiency of capital use. The fourth is to coordinate foreign exchange, finance, taxation, customs and other departments, further reform and improve the relevant systems, so that more foreign traders can easily participate in China's futures market.

Dear guests, the China Securities Regulatory Commission will conscientiously study, deeply understand and implement the internship of General Secretary Xi Jinping’s recent speech on the opening of the financial industry. In accordance with the requirements of "it should be sooner rather than later; Should be fast, not slow ", and effectively promote the opening up of China's futures market. Promote the development of the industry to a higher level and contribute to the realization of high-quality development of China's economy. At this stage of high-quality development, the central and western regions must accelerate their opening up to the outside world. Today we are very happy to see that the internationalization of ZCE's PTA futures is a contribution of the futures industry to the acceleration of opening up in the central and western regions.

Finally, I wish the internationalization of PTA futures a complete success! I wish all of you the best at work and a happy life! thank you all!

附：中文原文

方星海副主席在PTA期货国际化启动仪式上的致辞

尊敬的何金平副省长、傅向升副会长，女士们、先生们：

上午好！

很高兴参加PTA期货引入境外交易者的启动仪式。PTA期货是我国期货市场第一个化工品种，今天又成为第一个引入境外交易者的化工品种，也是继原油、铁矿石期货之后的第三个国际化期货品种，我国期货市场对外开放又向前迈出一步。在此，我谨代表中国证监会向郑州商品交易所表示热烈祝贺！对国务院相关部门、河南省委省政府、中国石油和化学工业联合会以及海内外的各界朋友表示衷心的感谢！

今年是改革开放40周年，也是期货市场发展探索30周年。30年来，改革开放推动中国期货市场实现了跨越式发展。今年是期货市场直接对外开放的元年，开局良好。原油、铁矿石期货国际化运行已半年有余，市场总体运行稳健，境外交易者有序参与，功能发挥初显，其中原油期货上市以来境外投资者日均成交占比约5%，持仓占比约12%。今天PTA期货开启国际化，也一定能取得良好结果。中介机构方面，《外商投资期货公司管理办法》发布实施，符合条件的外商持有境内期货公司股份可达51%，三年后股比不受限制。交易所方面，各所积极推进在境外设立办事处，上海国际能源交易中心和大商所已在香港完成注册，近期能源中心还获得新加坡金管局批准，成为认可的市场经营者（RMO）。监管合作方面，今年4月份，中国证监会与香港证监会签署了期货监管合作备忘录。11月12日，在中新两国总理共同见证下，中国证监会又与新加坡金管局签署了《关于期货监管合作与信息交换的谅解备忘录》，进一步深化两国在期货监管方面的合作。

期货市场开放令人欢欣鼓舞，同时也为期货市场改革提供了一面镜子，给我们提供了一次检视规则体系的契机。我国期货市场规则体系与国际惯例存在一些差异，这其中有些是我们应当予以坚持的，也有一些是需要对标成熟市场予以优化完善的。下一步，我们要在确保风险可控的前提下，进一步增强特定品种规则体系的包容性，提升境外交易者的参与度，提高期货市场对外开放的质量。一是优化特定品种交易者适当性制度。简化可用资金门槛、专业知识测试和交易经历证明等要求，逐步整合、统一各期货交易所特定品种适当性制度，实现跨所互认。二是优化开户流程，提高开户效率，提升开户体验。优化期货市场统一开户系统，改善技术服务；适当简化开户资料，取消不必要也不符合境外文化习惯的开户环节，减少开户等待时间。三是降低制度性交易成本。研究完善盈利换汇方案，降低境外交易者换汇成本；有序扩大可充抵保证金的有价证券范围，提高资金使用效率。四是协调外汇、财税、海关等部门，进一步改革完善相关制度，让更多的境外交易者便利地参与我国期货市场。

各位来宾，中国证监会将认真学习、深入领会和贯彻落实习近平总书记近期关于金融业对外开放的重要讲话精神，按照“宜早不宜迟、宜快不宜慢”的要求，通过切实推动我国期货市场的对外开放，促进行业发展更上一个台阶，为我国经济实现高质量发展贡献一份力量。在高质量发展这个阶段，中西部地区更要加快对外开放。今天我们很高兴地看到，郑商所PTA期货的国际化，是期货行业对中西部地区加快对外开放的一个贡献。

最后，预祝PTA期货国际化圆满成功！祝愿各位来宾工作顺利、生活幸福！谢谢大家！