China is the largest textile producer, consumer and exporter in the world. Cotton is an important raw material in the textile industry. In 1999, the state deepened the reform of the cotton circulation system. After the reform, the purchase and sale price of cotton was liberalized and basically formed by the market. Cotton production remained basically stable. The management channels of cotton were gradually broadened. However, there were still some problems, such as low quality of cotton and high price fluctuation. In June 2004, in order to serve the reform of cotton circulation system, Zheng Shang Stock Exchange listed cotton futures. Since the listing of cotton futures, the market has been running smoothly on the whole, the number of industrial enterprises participating in has been increasing, and the authority of cotton futures prices has been increasing. It has gradually become an important reference basis for the government's macro-control and cotton trade at home and abroad. It has provided effective risk management tools for cotton textile enterprises and cotton farmers, and played an important role in stabilizing cotton production and improving cotton quality.

Chen Huaping, chairman of Zhengzhou Commodity Exchange, said that the introduction of cotton, cotton yarn futures, cotton options and related OTC products, as well as the implementation of internationalization of PTA futures, made Zhengzhou Commodity Exchange became an international textile derivatives trading center with the richest variety and the most complete tools. "Next step, we will strive to build ZCE into an international textile product pricing center and risk management platform." Chen Huaping said that ZCE will strive to do the following work: First, according to the industrial needs and market operation, it will continuously optimize the relevant variety rules and systems, actively guide domestic and foreign textile enterprises to use the futures option market, play the futures option market function, and better meet the real economy pricing and risk management needs. Second, the prevention and control of market risks should always be put in the first place, and the monitoring and control of market operation should be strengthened to detect and handle abnormal transactions in time, so as to effectively maintain market order and promote the smooth operation of the market. Third, we will study and introduce more new tools such as short-fibre futures and PTA options, further improve the derivatives system, and strive to make greater contributions to serving the real economy and major reform initiatives.

我国是世界上最大的纺织品生产国、消费国和出口国，棉花是纺织行业的重要原材料。1999年，国家深化棉花流通体制改革。改革后，棉花购销价格放开并基本由市场形成，棉花生产基本保持稳定，棉花经营渠道逐步拓宽，但也存在着棉花质量不高、价格波动较大等问题。2004年6月，为服务棉花流通体制改革，郑商所上市了棉花期货。棉花期货上市以来，市场运行总体平稳，参与的产业企业不断增多，棉花期货价格权威性不断增强，逐步成为政府宏观调控和国内外棉花贸易的重要参考依据，为棉纺织企业和广大棉农提供了有效的风险管理工具，对于稳定棉花生产、提升棉花质量发挥了重要作用。