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The 2025 Zhengzhou International Futures Conference took place on August 19 and 20 in Zhengzhou, the capital of Henan Province. Attendees included Wang Ying, deputy director of the futures supervision division of the securities regulatory commission; Wu Jianwu, deputy director overseeing daily operations at the financial committee office under the provincial party committee; Zhuang Jianqiu, mayor of Zhengzhou and deputy secretary of the local party committee; and Xiong Jun, chairman of the Zhengzhou Commodity Exchange. They participated in the main session on August 20, delivering speeches on the event’s objectives and future developments.
Various initiatives in the futures market are being systematically advanced to stabilize the real economy and better manage external risks and challenges. These efforts have notably succeeded, raising the market’s overall quality and development standards. The first major achievement is the ongoing enhancement of the futures market’s service capabilities. The variety of tools available has expanded significantly, with 131 types of commodity futures and options now tradable in China, influencing numerous sectors across the national economy. Additionally, there has been a steady increase in industrial client participation, with last year’s average daily trading volume by industrial firms rising by 12.2% year-over-year. The number of listed companies hedging their positions continues its upward trend for the 11th consecutive year.
The second notable achievement is the growing influence of futures prices on the broader economy. Techniques such as hedging, arbitrage, and options trading are now widely adopted, embedding futures prices into corporate operations related to spot markets. Meanwhile, opening-up pathways for the futures market have been diversified. Notably, the authorization of settlement prices for commodities like soybean oil and rubber has extended internationally, and the number of domestic futures and options involving qualified foreign institutional investors has increased to 91.
The third key progress is the integration of the futures market into the country’s overall development strategy. The market supports rural revitalization efforts through programs like “worry-free commercial reserves,” aimed at chemical fertilizer providers to ensure food security. Futures and insurance products also play vital roles in stabilizing farmers’ incomes and facilitating innovative farmer-support models that combine insurance with futures. Furthermore, futures contracts are deeply involved in the high-quality growth of the manufacturing and service sectors, with 64% of marketable commodities being industrial products. This provides a robust foundation for maintaining industrial stability and securing supply chain integrity amid heightened uncertainty.
Looking ahead, regulations will focus on respecting compliance while emphasizing enhanced regulation, risk prevention, and high-quality growth. The first priority is to expand product offerings—boosting the liquidity of major energy futures like LNG, improving commodity indices, and broadening futures and derivatives coverage. Second, there will be a push for high-level market opening—gradually increasing the types and scope of futures and options available to qualified foreign investors and improving participation processes for international clients. Third, market services will be deepened, guiding leading enterprises to utilize futures for stability, supporting small and medium-sized businesses with risk management solutions, and refining institutional frameworks for better hedging environments.
Institutional capacity will also be strengthened through innovation in product development, creating a more versatile suite of risk management tools, and delivering tailored services to diverse industries at various stages of development. Additionally, research will be prioritized, leveraging the establishment of a dedicated futures market research society to foster comprehensive studies aligned with national strategies, the real economy, and frontier fields, thus fueling the market’s sustainable, high-quality growth.
Wu Jianwu emphasized that the Henan provincial government supports the continuous development of the futures market through a series of policies aimed at innovation, resource integration, and talent development. These efforts are designed to position Zhengzhou Commodity Exchange as a leading international futures hub. The forum has evolved into a key platform for global industry leaders to exchange insights, address economic challenges, and foster innovative growth in the futures sector.
Zhuang Jianqiu highlighted Zhengzhou’s role as a vital link connecting domestic and international commodities markets. The city is committed to developing as a modern financial hub capable of supporting national modernization efforts, improving financial services, and increasing the international influence of Zhengzhou’s futures prices. Future collaborations will focus on expanding futures and options offerings, internationalizing the exchange, and strengthening global market integration.
Xiong Jun reaffirmed the exchange’s dedication to fulfilling its regulatory responsibilities and optimizing market offerings in support of China’s modernization. Their plans include expanding derivatives, aligning with national strategic needs, and exploring new futures products such as steel, cement, and poultry. They aim to deepen industry-specific services, broaden the use of futures in risk management, and accelerate international cooperation to enhance the global reach and pricing influence of Zhengzhou’s futures markets.
Prominent speakers, including former official Yu Bin and leaders from the futures industry, discussed the prospects of China’s high-quality economic development and the future of derivatives markets globally. The event, themed “Empowering the Real Economy and Contributing to Building a Strong Nation,” also featured sub-forums focusing on opening-up, risk management for industrial companies, and agricultural and industrial products.
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