China's futures trading began more than 100 years ago. During the Opium War, China's closed door was smashed open by British naval guns, and China gradually became a semi-feudal and semi-colonial country. China's national industry developed slowly in the gap of foreign invasion. In order to survive, most people with lofty ideals and well-known entrepreneurs in China actively study and practice the capitalist business model and management experience, including futures trading. At the end of the Qing Dynasty, Liang Qichao, who advocated "political reform and reform", once proposed to organize an exchange, which was called "stock suspension company". Zhang Chun, Minister of Industry and Commerce of Beiyang Government, also advocated the theory that "if the country is not rich, the industry can't save the country", and organized a discussion on establishing an exchange at a trading port on 19 13. 19 14 Liang Qichao established the Shanghai Machine Flour Association in China. Although the guild is not a futures exchange, it is very similar to the current futures exchange. 19 14 years, under the impetus of lei, the Beiyang government promulgated the securities exchange law, and in April of the following year, it promulgated the detailed rules of the securities exchange law. 19 16 years, Dr. Sun Yat-sen learned that foreigners were going to set up an exchange in Shanghai. He immediately discussed with Yu Qiaqing, president of Shanghai General Chamber of Commerce, to set up Shanghai Stock Exchange Co., Ltd., and submitted it to the Ministry of Agriculture and Commerce for approval, so as to eliminate foreigners' desire to monopolize the Shanghai market. 1965438+In February 2007, the Ministry of Agriculture and the Ministry of Commerce approved the establishment of a stock exchange, and then Yugong and others actively established the Shanghai Stock Exchange and the Shanghai Stock Exchange. 19 18 In the summer, when Shanghai was in full swing to prepare for the exchange, the Beijing Stock Exchange was established. On July 1920 and 1 day, Yugong and others officially opened the market and started trading in China commodity futures. 192 1 In March, the Beiyang government promulgated the Commodity Trading Regulations. In April, the Detailed Rules for the Implementation of the Regulations on Commodity Exchanges was promulgated. The Shanghai Stock Exchange, which opened on July 1920, earned 500,000 yuan in half a year. 192 1 Shanghai Flour Exchange, because of its profit, its share price has been rising continuously. Due to one-sided understanding and interest-driven, the upsurge of running exchanges has formed for a time. Since May of 192 1, the newly opened Shanghai Stock Exchange "is like a strong wind in spring, which blows at night and blows open the petals of ten thousand pear trees". By the end of 192 1, there were more than 40 transactions in just half a year, so new faces appeared on the beach. The heat wave of Shanghai Stock Exchange swept across the country. Tianjin, Beijing, Guangzhou, Hankou and Nanjing have all made preparations. Shanghai has exchanges not only in major industries, but also in small industries such as cigarettes, wine, matches, sacks and putty. Various exchanges have been established so quickly that even countries with developed commercial economy are shocked. There are only two or three exchanges in Chicago and dozens in the United States. Britain and America are full of sighs! Before the flag-waving exchanges could bid loudly, they were forced to close down because of poor turnover and poor management, and many exchanges were in trouble. By March of 1922, only 12 exchanges were still able to put up a facade to do business, and finally half of them died, which was called "the decade of the Republic of China" (note: 192 1 year). After experiencing "people's trust crisis" and frequent wars, most people lost trust in government bonds and stocks. Therefore, in the seven or eight years after 192 1, the development of China's exchanges was extremely slow until the National Government officially promulgated the trading rules. 1929. During this period, there was no real futures trading, but later a way of deferred delivery was implemented, called "instant delivery", which was actually a disguised futures trading. After War of Resistance against Japanese Aggression's victory, the situation was relatively stable, and the stock exchange and futures trading in old China were gradually on the right track. 1September 1946, Shanghai Stock Exchange Co., Ltd. was established, with two markets, securities and articles, and 230 brokers. The former North China Stock Exchange of Tianjin Stock Exchange also resumed business, with 23 listed stocks. At the beginning, due to the weak stock market and deserted business, more and more brokers applied for withdrawal. Therefore, people hold deferred delivery business, also known as "submission", which is actually a disguised futures transaction. This has greatly stimulated the activity of securities trading and attracted a lot of social hot money. According to statistics, many residents participated in the securities and futures trading, and the whole Shanghai stock market attracted about15-20 million yuan of hot money, which led to the short-term prosperity of the exchange. After the liberation of Shanghai, in order to crack down on speculators' speculation, the people's government sealed up shanghai stock exchange building in June 1949, and in July 1952, Tianjin Stock Exchange also announced its closure. At this point, the exchange announced at the Chinese mainland that it had completely entered the suspension stage. After 1990, with the development of China's market economy and the further deepening of reform and opening up, China's futures market resurfaced under the advocacy of many business people and well-known scholars, and steadily went to the world. With its unique function, the futures trading market guides and discovers the forward price of the market under the principle of fairness, justice and openness, and provides hedging and hedging for the operation of enterprises, thus becoming an indispensable part of the domestic market economy. 19901June 12, China Zhengzhou Grain Wholesale Market was approved by the State Council, and the futures trading mechanism was introduced. As the first commodity futures market in China, it took the first step in the development of China futures market. Throughout the development history of China's futures market, theoretical discussion began with 1986. After the pilot started, it basically went through the following stages: initial formation stage (1990-1994), clean-up and rectification stage (1995 -2000) and standardization development stage (200 1 till now). During this period, the futures market has shrunk from more than 50 exchanges and nearly 1,000 futures brokerage companies in the initial stage to 3 exchanges and nearly 200 futures brokerage companies now. At present, China has initially formed a relatively standardized market organization system with the futures exchange as the core, trained and brought up a team of futures theory and practice operators, and the functions of the futures market have initially appeared and played, and the futures market has entered a new stage of standardized development. At the same time, with the deepening of China's reform and opening up, the important role of the futures market in the national economy is increasingly recognized and valued. China's "Tenth Five-Year Plan" also clearly puts forward "developing the futures market steadily", which points out the direction for the stable and healthy development of the futures market.