(A) the establishment of the China futures market

China's futures market came into being in the late 1980s. With the gradual deepening of reform and opening up, the price system has been gradually liberalized. At this time, it is difficult to meet the demand of both supply and demand for forward price information without solving the lag problem of price supervision. 1988 in may, the State Council decided to conduct a pilot futures market. 19901kloc-0/2 China Zhengzhou Grain Wholesale Market officially launched the futures trading mechanism on the basis of spot trading with the approval of the State Council. As the first commodity futures market in China, it has taken the first step in the development of China futures market.

(B) the norms of the futures market

In the mid-1990s, the development of China futures market reached a "small climax". However, due to people's misunderstanding, especially driven by the interests of departments and localities, the futures market in China has developed at a high speed blindly without unified management and perfect laws and regulations. By the end of 1993, there were more than 50 futures exchanges and more than 300 futures brokerage companies, but there were countless futures institutions. This extraordinary development has also brought a series of problems to the futures market, such as too many exchanges, serious duplication of trading varieties, irregular operation of futures institutions, rampant underground futures trading, and mixed employees. All these have seriously restricted the further development of China's futures market and led to various misunderstandings about the futures market. In order to curb the blind development of the futures market, the State Council authorized the China Securities Regulatory Commission to carry out large-scale rectification and structural adjustment of futures market entities from 1993. By the end of 1999, after seven years of rectification, all measures were basically in place, the supervision efficiency was obviously improved, and the market order tended to be normal. After rectification and structural adjustment. The three futures exchanges in Shanghai, Dalian and Zhengzhou were retained because of their relatively standardized management and stable operation. More than 150 futures brokerage companies were qualified to continue to engage in futures brokerage business after the final capital increase audit. After several years of operation, under the market rule of survival of the fittest, a number of futures products with standardized management, stable operation and relatively mature development stand out, such as copper and aluminum in Shanghai Futures Exchange; Soybeans from big trading companies; Wheat in Zhengzhou Commodity Exchange. At the same time, after qualification examination and identification, a number of practitioners with futures qualifications have emerged. On February 28th, 2000, China Futures Association, an industry self-discipline organization, was established at 65438+, which indicated that the futures industry in China officially became a whole with self-discipline management function. At this point, after ten years of development, the main structure of China's futures market tends to be perfect, and a relatively independent futures industry has basically taken shape. At the same time, the futures market played its due role. First, a relatively standardized market organization system with futures exchange as the core has been formed; The second is to provide a safe haven for related enterprises; Third, it provides investors with a good investment place.