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, 65438, the China Futures Association, an industry self-discipline organization, was established, which marked 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; Second, it provides a safe haven for related enterprises; Third, it provides investors with a good investment place.
The development stage (since 2000) is divided into two stages: variety conversion, policy affirmation and support.
Variety conversion stage: the transition stage from emphasizing standardization to emphasizing development, marked by the implementation of "supporting large varieties and restricting small varieties" by China Securities Regulatory Commission in 2000, indicates that the national departments exercising regulatory functions have initially prepared to end the pilot, so that the futures market can play a greater role in the overall national economic system.
In the pilot stage, the futures market not only gained some experience, but also paid a certain loss of image and reputation, which can be said to be the cost of gaining experience, but this cost cannot be paid by society indefinitely.
In the pilot stage, small variety trading will not damage the normal operation of the national economy, but also sum up experience in the operation. However, without the greater play of the social function of the futures market, the futures market will be detached from the national economic system and it will be difficult to find its own position. However, the futures market cannot serve the national economy. When it only has the function of speculation, it is more similar to a casino. At the same time, it also attracts a lot of social capital outside the real economy, which is even more unfavorable for countries with shortage of funds.
It is the responsibility of the central supervision department to integrate the futures market into China's economic system as soon as possible, and it was also the main stage goal of the futures market at that time. To integrate the futures market into the national economy, we must first control the market risks and not pose a threat to social stability. On the basis of controllable risks, we should realize stable and positive varieties related to the national economy and people's livelihood as soon as possible and play a positive social function. Before 2000, due to the restriction of the system, almost all varieties with small production and circulation scale were active in the futures market. For example, mung beans in Zhengzhou market have stood out for several years in a row, accounting for 57% of the total futures turnover in the country at the highest time (few other varieties such as wheat were traded). 2 1 century, the market economy system gradually improved, changing the institutional constraints. However, due to path dependence, it is difficult for investors to consciously turn to large varieties related to the national economy and people's livelihood quickly and smoothly. China Securities Regulatory Commission must consider the path choice after determining the strategic goal of promoting the activity of large varieties related to the national economy and people's livelihood. How to "help the big and limit the small"? Transaction cost and return on investment are the basic factors for investors to consider whether to transfer their investment. Therefore, the China Securities Regulatory Commission raised the trading margin of mung beans, which were very active at that time, and lowered the trading margin of large varieties, basically achieving the strategic goal of activating large varieties and restricting small varieties.
Policy affirmation and support stage. Marked by "Several Opinions of the State Council on Promoting the Reform, Opening-up and Stable Development of the Capital Market" (Article 9 of the State) issued on June 5438+1October 3, 2004, the opinions clearly put forward: "Develop the futures market steadily. Under the premise of strictly controlling risks, commodity futures varieties that provide price discovery and hedging functions for commodity producers and consumers will be gradually introduced. " This is the first time in the central document that the development of the futures market has been formally proposed.
The "Opinions" reflect the basic recognition of the central high-level officials on the results of years of rectification and pilot exchanges. After the central government issued this signal, the listing of new varieties with strong resistance made rapid progress. The varieties listed in 2004 include cotton, fuel oil and corn, which is the first time that new futures varieties have been listed in the past six years since 1998 determined the varieties listed on various exchanges. Then in June 5438 +2006 10, two futures varieties, sugar and soybean oil, were listed and traded. From June 5438 to February 2006, chemical product PTA was listed and traded in Zhengzhou Commodity Exchange. It can be said that after the opinions were issued, the China futures market officially embarked on the broad road of development.
A milestone is that on September 8, 2006, with the approval of the State Council, China Financial Futures Exchange, which aims at financial futures trading, was established in Shanghai. This incident shows that: firstly, after years of experiments, the central government affirmed that the futures market can serve China's distinctive market economy; Second, China's financial market has made rapid progress in the spot market, but it has also encountered institutional bottlenecks. It is necessary to ensure and promote the sustained and healthy development of the financial futures market through institutional innovation and hedging function of derivatives market.
At this point, the China futures market has gradually developed through a difficult pilot process, and with the development of the national economy and the improvement of the market economic system, it has increasingly shown the rationality of its existence and the necessity of its development. 2/kloc-0 At the beginning of the 20th century, the legal and policy environment for the development of the futures market has been established, and a comprehensive futures market with equal emphasis on commodities and finance has begun to take shape.
The course of China futures market shows that the futures market originated from commodity economy, but only when the market economy system is relatively mature and the laws and regulations are relatively perfect can it really develop and play a positive social function. With the continuous development of market economy, it is bound to be accompanied by the deepening of finance, and the futures market will inevitably go through commodity futures, financial futures and other courses. The depth and breadth of its development cannot be divorced from the objective basis of economic development, nor can it lag behind the requirements of real economic development for a long time.