Guangzhou Institute Of Science And Technology Plays The "Innovation Card" To Help China Realize The Pricing Power And Risk Management "Overtaking On The Curve"

In the past 14 years, Guangzhou has made a historic breakthrough in the financial field. The birth of Guangzhou Futures Exchange (hereinafter referred to as "Guangzhou Futures Exchange") coincides with a new round of "super cycle" of bulk commodities. At the same time, it is at the historical node that China's futures market is about to step from 100 billion to 1 trillion.

The recent rise in global commodity prices has led to the rise of domestic raw materials, which once again triggered the discussion of pricing power in the industry. As the "factory of the world", China is the world's largest importer and consumer of a variety of commodities. However, the pricing power of bulk commodities in the world is still concentrated in the developed countries in Europe and the United States.

A number of industry insiders pointed out to all media reporters of Nanfang finance and economics that the benchmarking international first-class exchange of Guangzhou futures exchange is positioned as an innovative exchange, which is conducive to helping China realize the "curve overtaking" of pricing power and risk management.

In view of the innovation orientation and future development prospects of Guangzhou futures exchange, all media reporters from Nanfang finance and economics interviewed well-known people in the industry and academia for interpretation and analysis, including Chang Qing, one of the founders of China futures market, Zhao Xijun, CO president of China Capital Market Research Institute of Renmin University of China, and Luo Xufeng, chairman of Nanhua futures Founder medium term futures president Xu Danliang and other industry executives have put forward their own views.

Guangzhou Futures Institute reshapes the financial structure of Dawan District

The establishment of Guangzhou futures exchange is an important measure for China to implement the strategy of Guangdong, Hong Kong and Macao Bay area and the "belt and road" strategy. It is positioned as an innovative futures exchange and is studying innovative varieties including commodity index futures and carbon emission rights futures. Many industry insiders said that the positioning of Guangji is consistent with the development of characteristic financial industry and the establishment of green financial center in Dawan district.

Xu Danliang, President of Founder medium term futures, pointed out that "as the bridgehead of domestic financial innovation, Guangdong Hong Kong Macao Bay area is set up in Dawan district to complement each other. As the connecting center of all participants in the market, the exchange will further enhance the influence of Guangdong, Hong Kong and Macao in the derivatives market, expand the financial territory of the bay area and enhance its international influence. "

After the establishment of GTRI, it is expected to attract a large number of financial professionals in high-end financial management, derivatives research and development, risk control and other aspects, so as to make up for the short board of high-level financial talents in Guangdong, Hong Kong and Macao. At the same time, it may also attract well-known futures companies at home and abroad and financial institutions related to derivatives investment to settle in Dawan district.

It is understood that Founder medium term futures has business outlets in Guangzhou and Shenzhen at present. The establishment of Guangzhou futures exchange and the considerable prospect of the futures market in Dawan district have revealed to reporters that at present, there are plans to set up branches in Guangshen to strengthen the layout of Dawan district.

Luo Xufeng, chairman of Nanhua futures, told reporters, "Guangdong Province is the forefront of China's reform and opening-up. For a long time, the regional economy is developed, the business forms are well developed, and the capital market is developed. However, the use of hedging and risk hedging transfer functions in the futures market is relatively conservative, and the degree of market participation is not high. " He pointed out that the establishment of Guangzhou futures exchange will not only drive Guangzhou's economy to a new level, but also give investors in Dawan district a huge impetus to actively use the futures market to carry out risk management.

Zhao Xijun pointed out that "Guangzhou has always been an important port city in China and plays an important role in the field of foreign trade. Putting the futures exchange in Guangzhou is in line with China's development strategy of taking the domestic big cycle as the main body and promoting the domestic and international dual circulation mutually. "

Analyzing the current financial map of Dawan District, Chen Mengjie, chief strategic analyst of YueKai Securities Research Institute, points out that among the core cities in Guangdong, Hong Kong and Macao, Hong Kong is the global financial center, and Shenzhen has a leading edge in science and technology finance. After the establishment of GTRI, it is expected to attract a large number of financial professionals in high-end financial management, derivatives research and development, risk control and other aspects, so as to make up for the short board of high-level financial talents in Guangdong, Hong Kong and Macao.

After the first financial product stock index futures was listed on the stock exchange of China in 2010, China's futures market ushered in a large expansion, and the market scale directly jumped from 10 billion to 100 billion; The positive benefits of the establishment of GTRI are of great historical significance at the historical node when China's futures market is about to step from 100 billion to 1 trillion.

Countries along the belt and road have relatively high production of crude oil, natural gas, rubber, palm oil and other commodities, and have frequent trade contacts with China. At the same time, Guangdong, Hong Kong and Macao Bay area is also the distribution center of many domestic commodities.

In the future, Guangzhou hopes to launch more commodity index futures, bulk commodity futures and energy futures to serve the "belt and road" construction and the construction of Guangdong, Hong Kong and Macao Bay area, so as to enrich risk management tools. If the futures exchange can control the pricing power in these futures fields, it will bring greater convenience for the construction of Guangdong Hong Kong Macao Bay area and the "belt and road" construction, and is expected to drive the development and prosperity of related industries.

Playing innovation card and winning several "national first"

Different from the existing four major futures exchanges, Guangzhou futures exchange mainly plays the "innovation" brand, which also means that the Guangzhou futures exchange is shouldering the heavy responsibility of being a pioneer in the industry in terms of system, mechanism and trading varieties. In the future, Guangzhou futures exchange may take a completely different development path from the existing futures exchanges.

First of all, Guangzhou futures exchange is the first mixed ownership exchange in China, with diversified shareholder composition, including four futures exchanges managed by CSRC, Guangzhou financial holding, Ping An insurance, Zhujiang investment and overseas Hong Kong stock exchange.

Xu Danliang pointed out: "from the perspective of the equity structure of Guangzhou futures exchange, the introduction of private capital and foreign capital reflects the openness and diversification of Guangzhou futures exchange. From the perspective of its research and innovation, we can find that China's futures market will transform from a single commodity futures market to a derivatives market

Chang Qing pointed out that the shareholder structure of Guangzhou futures exchange determines that its exchange system should be innovative, and an important criterion to test its system innovation is whether it can have the same international competitiveness as the international first-class exchange.

Secondly, Guangzhou futures exchange will become an experimental field for new futures varieties, and is currently carrying out research on innovative varieties. At present, domestic futures exchanges are mainly divided into commodity futures and financial futures. The implementation of Guangzhou futures exchange provides imagination space for the third category of futures exchanges, and is expected to become an experimental field for innovative products such as carbon emission rights, index futures and even weather futures.

Luo Xufeng pointed out that "the listed varieties of Guangzhou futures exchange are totally different from other exchanges. They focus more on index products, low-carbon environmental protection products, and even products cooperating with overseas exchanges. They seek dislocation cooperation and competition with existing domestic exchanges, and can also cooperate with various market participants to develop market demand Trading varieties, More flexibility and extroversion. "

Thirdly, Guangzhou futures exchange is the first futures exchange to position itself in the development of green finance. Specifically, several core cities in Guangdong, Hong Kong and Macao have their own characteristics in the field of green finance. Hong Kong and Guangzhou focus on green bonds and green loans respectively, while Shenzhen has a leading edge in green funds and green insurance.

Xu Jing, the leader of the products and finance group of Guangzhou futures exchange, said that during the "14th five year plan" period, Guangzhou futures exchange will focus on the layout of green service development direction, study the futures varieties and related services such as carbon emission rights, electric power, green development related commodities, and promote the construction of a green and low-carbon economic system with a market-oriented mechanism.

Finally, gzri is positioned to be internationalized and serve the "belt and road" strategy. Chang Qing pointed out that the construction of Guangdong, Hong Kong and Macao Bay area is different from other regions in terms of division of labor and needs to face the international market more. Therefore, it is necessary to keep pace with the times in terms of trading means and trading methods.

Therefore, in order to attract domestic and foreign investors to trade in Guangzhou futures exchange, we need to consider more international market practices when designing rules. In terms of the internationalization path of Guangzhou futures exchange, we need to extend the market coverage of Guangzhou futures exchange to Hong Kong and Macao, further expand to Southeast Asian Chinese community and even countries along the belt and road, so as to gradually internationalize.

Promote the opening of finance to the outside world and enhance the power of pricing discourse

Crude oil, steel, agricultural products, coal and other commodities that need to be sold in large quantities and used for industrial and agricultural production and consumption are called bulk commodities, which are often related to the national economy and people's livelihood. The recent rise in global commodity prices has led to the rise of domestic raw materials, which once again triggered the discussion of pricing power in the industry.

Zhao Xijun pointed out that Guangdong is an important manufacturing town in China and has a large demand for various bulk commodities. The establishment of Guangzhou futures exchange can improve the ability of financial services to the real economy, and play a positive role in the sustainable economic development of Guangdong, Hong Kong and Macao Bay area and the construction of the "belt and road".

Qian Feng, member of the National Committee of the Chinese people's Political Consultative Conference and academician of the Chinese Academy of engineering, pointed out at this year's two sessions that China's bulk commodity trade still lacks a certain price discourse power in the international market.

At present, although the trading volume of domestic exchanges ranks first in the global commodity futures market, the global price influence of domestic crude oil, natural gas and other major commodities needs to be improved due to the fact that most of the varieties have not yet been introduced into overseas traders, and the trade pricing mechanism such as crude oil in the international market and the status of "petroleum dollar" are hard to shake.

Xu Danliang said, "from the perspective of pricing power, China's futures market is still a regional price. The main reason is the lack of international customers' participation and the need to introduce foreign funds and industrial entities. If a large number of international goods are traded in China's futures market, then China's commodity prices will have international influence and certain control over market prices."

Guangdong, Hong Kong and Macao Bay area is shouldering the mission of leading the financial opening up. It is positioned as an international wide term Institute and is expected to directly introduce foreign investors. Xu Danliang believes that through product innovation, Guangqi hopes to achieve "overtaking on the curve" in terms of pricing power.

Chen Zhiying, member of the Standing Committee of the Guangzhou Municipal Committee and executive vice mayor, pointed out that the successful establishment of the Guangzhou futures exchange will not only further improve the construction of China's capital market system, but also help Guangdong, Hong Kong and Macao Bay area to grasp the pricing power of financial commodities and bulk commodities, and greatly enhance the strategic security of bulk commodities in Guangdong and even the whole country.

Chen Mengjie pointed out that Guangqi may refer to the crude oil futures that have been opened to the outside world, and open some of its futures varieties to the outside world in the mode of "international platform, net price trading, bonded delivery and RMB pricing", and directly introduce foreign traders.

In addition, it is possible to attract more global funds to participate in derivatives trading in Guangdong, Hong Kong and Macao by designing more unique innovative derivatives, so as to increase the overall market vitality and participation.

Chang Qing pointed out that the establishment of a futures exchange will form a regional pricing center. But to clarify a concept, the pricing center is not to manipulate prices. The pricing center is to let industrial capital and financial capital trade within the exchange to find the price trend. When enterprises grasp the price trend, they will have the ability to predict the future, so as to take the lead in production and operation.

According to the development planning outline of Guangdong, Hong Kong and Macao Bay area, Guangdong, Hong Kong and Macao Bay area should be built into an international financial hub. As a national financial infrastructure platform in the Great Bay area, Guangzhou futures exchange is expected to enhance its international influence and pricing voice in the future. In addition, Shenzhen Stock Exchange, Hong Kong Stock Exchange and other important platforms will jointly promote the bay area to become a global financial center.

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