Interview With Chang Qing, One Of The Founders Of China Futures Market

“ "Different"

On April 19, 2021, the Guangzhou Futures Exchange opened in Guangzhou. Guangzhou futures exchange is positioned as an innovative futures exchange. Chang Qing, one of the founders of China's futures market, said in an exclusive interview with Nanfang finance and economics Omnimedia reporter that the innovative futures exchange is a comprehensive innovation, including the innovation of exchange system, product and operation mode. He believes that Guangzhou futures exchange is a futures exchange with a high starting point and a strong international color. It will fully enjoy the benefits of latecomers and catch up with the later comers. Through the construction of innovative futures exchanges, the listed varieties can have international pricing ability in a short period of time and become an international futures exchange with pricing power in the Asia Pacific time zone. At the same time, what kind of futures will be listed in Guangzhou futures exchange has attracted much attention. The CSRC recently said that it will explore the market construction of carbon futures and guide the Guangzhou futures exchange to actively and steadily promote the research and development of carbon futures. Many interviewees said that Guangzhou futures exchange will improve the layout of China's futures exchanges and explore new futures products.

On April 19, 2021, Guangzhou Futures Exchange (hereinafter referred to as "Guangzhou Futures Exchange") was opened in Guangzhou, and a national financial infrastructure platform was added to Guangdong Hong Kong Macao Bay area.

Guangzhou futures exchange is located in the innovative futures exchange. Its establishment will provide more risk management tools for enterprises in Guangdong, Hong Kong and Macao and enterprises along the belt and road, strengthen the ability of financial services to the real economy, and at the same time, it will help Guangdong, Hong Kong and Macao Bay Area to build a capital market, accelerate the construction of international financial hub, and improve the global financial influence.

Different from the existing exchanges, GSH is the first mixed ownership exchange in China - Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, China Financial Futures Exchange, Hong Kong stock exchange, as well as Guangdong enterprises such as China Ping An insurance (Group) Co., Ltd., Guangdong Zhujiang Investment Holding Group Co., Ltd., and Guangzhou Financial Holding Group Co., Ltd As a shareholder of Guangzhou futures exchange, the company participates in the construction and development.

"Guangzhou futures exchange benchmarked with the world's first-class futures exchanges, and almost all of the world's first-class futures exchanges are the pricing centers of the world." Chang Qing, one of the founders of China's futures market and director of the expert committee of China Futures Association, told reporters of Nanfang finance and economics that Guangzhou futures exchange is a futures exchange with a high starting point and a strong international color. It will fully enjoy the benefits of latecomers and catch up with the latecomers. Through the construction of innovative futures exchanges, the listed varieties can become international in a very short period of time It has become an international futures exchange with pricing power in Asia Pacific time zone.

As an early theoretical researcher and pilot scheme designer of futures market, Chang Qing began to study futures market in 1988, known as "Godfather" of China's futures market. After more than 30 years of practice, he has been adhering to the concept of combining theory with practice. He is also the director of the futures and financial derivatives research center of China Agricultural University and the chairman of Jinpeng futures company. He has unique views on the development prospects of Guangzhou Futures Institute.

Innovative futures exchange is a comprehensive innovation

Nanfang finance and Economics: compared with the other four major futures exchanges, Guangzhou futures exchange is positioned as an innovative futures exchange. What are the specific differences?

Changqing: compared with the other four major futures exchanges, Guangzhou futures exchange focuses on innovation. The meaning of innovative type is very wide, I personally understand that innovative type has these aspects to pay attention to.

First of all, the exchange system innovation. In the past, the four futures exchanges have formed the present system due to historical reasons. The system of China's futures exchange is completely different from the international "membership system" and "company system". It is a special system formed in order to improve the reputation of the futures market and regulate the futures market. The shareholder structure of Guangzhou futures exchange determines that its exchange system should be innovative, and an important standard to test its system innovation is whether it can have the same international competitiveness as the international first-class exchange.

Second, product innovation. New varieties should be put on the market in a market-oriented way. International futures exchanges list new products completely according to the needs of market trading. If the product meets the needs of investors, it will be very active. If the product is divorced from reality and does not meet the needs of investors, it will become a "zombie" variety. Most of the varieties listed in the first four futures exchanges in China refer to the varieties with active international trading. The prices of many varieties are shadow prices, so it is normal for them to be actively traded. However, it is very difficult for variety innovation to design varieties according to the actual leading needs.

Thirdly, the innovation of the operation mode of the exchange. As the starting point of GTRI is the high degree of internationalization, its main task is not to sit in the office to supervise traders, but to provide high-quality services for traders, which is a challenge for SGRI. It is an innovative work to serve traders wholeheartedly, increase the radiation ability of the market through services, and constantly improve the authority of the price of their products.

In short, I understand that the innovative type is comprehensive innovation, not only in one aspect, but also in a systematic way. This is a difficult task for the operators of Guangzhou futures exchange.

Nanfang finance and Economics: the benchmarking of the international first-class futures exchange by Guangzhou futures exchange is of great significance in promoting the high-quality development of the real economy and the construction of Guangdong, Hong Kong and Macao Bay area. What types of listed products may be launched in the future?

Chang Qing: from the speech of the leaders of China Securities Regulatory Commission, we can clearly see its position and role, and have high expectations. From the existing data, there are several points worthy of our in-depth thinking.

First of all, benchmarking international first-class futures exchanges, the world's first-class futures exchanges are world-wide pricing centers, and their products have the function of international trade benchmark price. The authoritative price it forms is the authoritative price recognized by producers, traders, processors and social capital, so the development of GTRI has a long way to go.

Secondly, the Institute is set up in Guangdong, Hong Kong and Macao Bay area, carrying the historical mission of promoting the high-quality development of Guangdong, Hong Kong and Macao Bay area. Its trading products should promote the production and operation of enterprises in Guangdong, Hong Kong and Macao Bay area to a new level, so that the enterprises in Guangdong, Hong Kong and Macao have very strong risk management ability and production and management decision-making level. Facing the market, they can correspond with the market-oriented production decision-making level of the first-class enterprises in the world.

What's more, to serve enterprises along the belt and road, we should hope that Guangzhou futures exchange will be based in Guangdong, Hong Kong and Macao Bay area, radiate countries and regions along the belt and road, and become an international futures exchange. The listed varieties should be based on Guangdong, Hong Kong and Macao Bay area, covering Southeast Asia and providing services for countries and regions along the belt and road.

Guangzhou Institute of technology has a high starting point and strong international color

Nanfang finance and Economics: China Securities Regulatory Commission has previously said that it will explore the market construction of carbon futures and guide Guangzhou futures exchange to actively and steadily promote the research and development of carbon futures. What are the advantages of CSI's carbon futures and how to boost the development of green financial system in Guangdong, Hong Kong and Macao Bay area?

Chang Qing: the way of determining the listed varieties of futures exchanges in China is different from that in the United States. The futures exchanges in the United States continue to develop products and develop new varieties according to the needs of economic development, which can be put on record in the U.S. futures regulatory authorities. China's listed futures are approved by relevant ministries and commissions according to the overall pattern of China's economic development.

I understand that the listing of carbon futures trading should start from the economically developed Guangdong, Hong Kong and Macao Bay area, promote the green development of the economy, play a demonstration role in the country, and use carbon futures as a listed variety to promote the establishment of a green financial system in Guangdong, Hong Kong and Macao.

Nanfang finance and Economics: the founding shareholder, the Hong Kong stock exchange, expressed its full support for the stock exchange. Can the futures products of Guangzhou futures exchange and the Hong Kong stock exchange be interconnected like the Shanghai Shenzhen Hong Kong stock connect? And what cross-border financial futures products may appear in reference to international experience?

Chang Qing: as a shareholder of Guangzhou futures exchange, the Hong Kong stock exchange is very beneficial to the internationalization of Guangzhou futures exchange. The Hong Kong stock exchange can bring its international experience to the exchange. As for the interconnection of products between the two exchanges, theoretically speaking, there is no problem, but the specific implementation needs to be decided by relevant departments from the overall situation.

The launch of cross-border financial products should also be considered from the overall pattern of China's economic development. For example, the RMB exchange rate futures products should be able to conduct in-depth and specific research.

Nanfang finance and Economics: you have pointed out that your lifelong vision is to build China's futures market into a pricing center in the Asia Pacific time zone. What kind of role will Guangri play in international commodity pricing?

Chang Qing: as the founder of China's futures market, I have been promoting the construction of the futures market in my own way for more than 30 years. Since 1988, at every stage of the development of the futures market, I have put forward my own theoretical point of view, and consistently use my research to achieve the promise of that year.

We set up the futures market, the first stage of the task is to complete the "dual track into one" commodity market price system reform, the second stage task is to build China's futures exchange into a futures exchange with international pricing ability.

Guangzhou futures exchange is a futures exchange with a high starting point and strong international color. Together, it has established its position as an authoritative price exchange in Asia Pacific time zone. Therefore, Guangzhou futures exchange will certainly be able to live up to its heavy trust. On the basis of absorbing the successful experience and failure lessons of international and domestic futures exchanges, it will fully enjoy the benefits of latecomers and catch up with the later comers. Through the construction of innovative futures exchanges, the listed varieties will have international pricing ability in a short period of time, and become an international futures exchange with pricing power in Asia Pacific time zone.