Study On The Problems Of The Futures Market Development In China

Commodity futures is a necessity when commodity economic developed to some degree. There has been about ten more years since China developed the futures market in 1980, and now the kinds of the market futures gradually goes to be stable. However, out country has just transited from plan economy to market economy, consequently the laws of politics and economic are not well developed which may affect the functions of the market. The economic globalization and the entrance into WTO has given China a promising challenge and chance, how to perfect the market is of great importance to make China play an important role in the world.Based on the comparison of the main futures markets in U.S., U.K., Japan, and H.K., this paper summarizes the successful experience and most characteristics of the markets in those countries, and some should be learned for China futures. So, the achievements and limitations of China futures are analyzed and some practical politics are advanced.The first chapter is a review for commodity futures market. Through the definition of the market this chapter shows the birth reason, and evolution history, say, price discovery and risk aversion, and I also compared the futures market and spot market.Chapter 2 introduced several main futures market in the world, the respective characteristics of U.S., Japan, and HongKong are probed, then I emphasized the regulation mode of the developed commodity markets in those countries, so as to find a appropriate reference for China's futures market.The evolution history and the achievements of China futures markets are in details constructed, acknowledged with the achievements, the problems are pointed out and reasons are also given for the problems.Chapter 4 is the key of this paper, aiming at the problems motioned above, some material measures under the law implementation and development are put forward to ensure the stable and rapid grow of China's futures market, these measures include constructing feasible mechanisms for the futures come to the market, developing new kinds of commodities, loosening the self-regulation of futures institution, only in these ways can China's futures market do more important works and melted into the international market. The government should exert great regulation strength to protect the investors.In summary, this paper firstly take a comparative study of some main developed futures markets, and valuable advices were then drawn up based upon the characteristics of those developed markets. The final purpose of this paper is to find a appropriate development mode for China's futures market, which may be of some realistic significance for the market.