2016年，中国期货市场将继续坚持创新发展的主基调。面临当前错综复杂的国际金融环境，中国期货市场将致力于满足实体经济的发展要求，立足于经济发展新常态，积极稳妥地推进商品与金融衍生品创新，加大服务实体经济深度，优化投资者结构，抓住人民币国际化和“一带一路”带来的发展机遇，稳步推动期货市场对外开放。与此同时，在监管层面上，吸取2015年股市异常波动经验教训，进一步深化改革，健全期货规则制度，强化市场风险监测监控、预警以及防范和处置机制，牢牢守住不发生系统性、区域性风险的底线。
2016willcontinuetobeayearofinnovationanddevelopmentforChina’sfuturesmarket.CurrentlyConfrontingcomplexinternationalfinancialenvironment,China’futuresmarketwillbemorecommittedtosupportingthedevelopmentoftherealeconomythanever.ByadaptingitsstrategiestotheNewNormal,theChinesefuture’smarketwillactivelyencourageinnovationsoncommodityandfinancialderivatives,offermorerobustsupporttotherealeconomy,optimizetheinvestorstructure,seizethegrowthopportunitiescreatedbytheinternationalizationofRenminbiandthe“OneBelt,OneRoad”initiative,andpromotetheprogressiveopeningupofthedomesticfuturesmarket.Atthesametime,regulatoryauthoritieswilldrawlessonsfromthevolatilestockmarketin2015toimplementfurtherreforms,enhancefutures-relatedrulesandregulations,strengthenthemonitoring,surveillance,earlywarning,prevention,anddisposalofmarketrisks,andpreventsystemicandregionalrisksatallcosts.
证监会主席肖钢在2016年全国证券期货监管工作会议中对2015年进行了反思总结，并表示股市异常波动充分反映了“我国股市不成熟，不成熟的交易者、不完备的交易制度、不完善的市场体系、不适应的监管制度”等现实问题，也充分暴露了证监会“监管有漏洞、监管不适应、监管不得力”。因此，在十三五的开局年，中国资本市场必须深刻汲取教训，加强监管，防范风险。
AttheNationalSecuritiesandFuturesRegulatoryWorkConferenceheldin2016,CSRCChairmanXiaoGangreflecteduponandsummarizedChina’sregulatoryeffortsin2015.Hebelievedthattheabnormalfluctuationsinstockpriceshadnotonlyfullyexposedsuchrealitiesas“China’slackofamaturestockmarketandsophisticatedinvestors,inadequatetradingrules,underdevelopedmarketsystem,andmismatchedregulatoryframework,”butalsorevealedthe“blindspots,incompatibility,andineffectiveness”oftheregulatoryworksofCSRC.Therefore,in2016,atthestartofthe13thFive-YearPlanPeriod,China’scapitalmarketmustlearnfromitsmistakes,strengthenregulationandsupervision,andpreventrisks.
为了稳妥地推动期货市场的健康发展，完善监管规则、加强期市基础性制度建设、严防市场风险将成为未来的监管重点。2015年10月，证监会在借鉴国际市场程序化交易监管经验的基础上，起草了《证券期货市场程序化交易管理办法》并向社会公开征求意见，各期货交易所也将在相关指导下制定出配套实施细则。同时，证监会李超副主席在第十一届中国（深圳）国际期货大会时表示，针对股指期货交易中暴露出来的问题，按照“趋利避害、循序渐进、完善规则、加强监管”的原则，正在研究起草专门规范期货交易行为的管理办法研究。此外，监管部门将继续加快监管转型，回归监管本位，推动符合我国国情和国际标准的监管规则的健全，加大监管执法力度，维护投资者合法权益。期货交易所也将在证监会统一领导下，持续完善一线监管机制，加强对异常交易、实控账户等的监管，切实把控和防范风险，维护市场“三公”原则。
anwhile,atthe11thChina(Shenzhen)InternationalDerivativesForum,CSRCViceChairmanLiChaoindicatedthat,inresponsetotheproblemsexposedbystockindexfuturestrading,CSRCisstudyinganddraftingadministrativemeasuresspecificallytargetedfortheregulationoffuturestradingactivities,withaviewtocapitalizeonbeneficialeffectsandavoidadverseeffects,makesteadyprogress,improvecurrentrules,andstrengthenregulationandsupervision.Furthermore,regulatoryauthoritieswillacceleratethetransformationoftheirregulatoryroles,refocusoncoreregulatoryresponsibilities,promotearegulatorysystemthatisinlinewithbothinternationalstandardsandChina’sactualconditions,strengthenregulatoryenforcement,andprotectthelegitimaterightsandinterestsofinvestors.Inaddition,underthecentralleadershipofCSRC,China’sfuturesexchangesaretoimprovethefrontlineregulatorymechanisms,bolsterthesupervisionandoversightofabnormaltradingactivitiesandactualcontrolrelationships,monitor,control,andpreventmarketrisks,andsafeguardtheprinciplesoffairness,equitableness,andtransparency.
持续完善期货及衍生品体系是提升服务实体经济能力、满足金融改革和产业风险管理需要的基础。2016年，我国期货市场将在充分评估、严防风险的基础上，适应金融改革和产业风险管理需要，做好原油等战略性期货品种的上市工作，完善股票期权试点，推进白糖、豆粕农产品期货期权试点。加大对商品指数期货、利率及外汇期货研发力度。
Continuousrefinementofthefuturesandderivativessystemisnecessarytoimprovingthemarket’scapacitytosupporttherealeconomyandmeetingtheneedsoffinancialreformsandindustrialriskmanagement.In2016,throughwell-roundedassessmentsandwithriskpreventionastheoverridingprinciple,China’sfuturesmarketwillevolvetocatertotheneedsoffinancialreformsandindustrialriskmanagement,makethoroughpreparationsforthelistingofCrudeOilfuturesandotherstrategicfuturesproducts,improvethestockoptionspilotprogram,andadvancethepilotprogramsforSugarandSoybeanMealfuturesoptions.Atthesametime,moreresourceswillbededicatedtodevelopingcommodityindexfuturesandinterestrateandforeignexchangefutures.
2016年1月27日发布的中央一号文件提出，“推动金融资源更多向农村倾斜”，“完善农业保险制度”，推进农业领域供给侧结构性改革。2016年我国将继续加强农产品期货市场建设，多途径支持农业市场化改革，更好服务现代农业发展。一是在做精做细已上市期货品种的基础上，继续推动农产品期货品种创新，根据涉农主体需求提供量身定制的风险管理服务，为相关产业提供发现价格和对冲风险的工具；二是开展农产品期权试点，扎实推进期权合约和有关制度的设计等各项准备工作，确保试点能够平稳推出和运行。三是探索建立农业补贴、涉农信贷、农产品期货和农业保险联动机制，加强与保险、信贷等金融服务协调配合，稳步扩大“保险＋期货”、“期货+保险+银行”试点，提高涉农企业、农民专业合作社等新型农业经营主体利用期货市场管理风险、开展期现一体化经营的能力，进一步拓展期货市场对“三农”的服务领域。
No.1CentralDocumentissuedonJanuary27,2016hascalledfor“encouragingmorefinancialresourcestobeallocatedtoruralareas,”“improvingagriculturalinsurancesystems,”andacceleratethesupply-sidereformsintheagriculturalsector.In2016,Chinawillcontinuetobuildtheagriculturalproductsfuturesmarket,supportagriculturalmarketreformsthroughvariousmeans,andbettersupportthedevelopmentofmodernagriculture.First,onthebasisoffurtherrefinementoftheexistingfuturesproducts,Chinawillcontinuetopromoteinnovationsofagriculturalproductsfutures,tailorriskmanagementservicestomatchtheneedsoftheagriculturalsector,andprovidepricediscoveryandriskhedginginstrumentstotherelatedindustries.Second,Chinawillsetuppilotprogramsforagriculturalproductsoptions,makepreparationsforfuturesoptionsincludingthedraftingofrelatedrules,andensurethesmoothlaunchandoperationofpilotprograms.Third,Chinawillprobeintoamechanismthatlinksagriculturalsubsidieswithagriculture-relatedcredits,agriculturalproductsfuturesandagriculturalinsurance,reinforcethecoordinationandcooperationwithcredit,insuranceandotherfinancialservices,expandthepilotprogramsof“Insurance+Futures”and“Futures+Insurance+Banking”,enhancethecapacityofnewagriculturalentitiessuchasagriculture-relatedenterprisesandSpecializedFarmersCooperativestotakeadvantageofthefuturesmarketformanagingrisksandutilizingfuturesandspotproductstoachievetheirbusinessgoals,andfurtherbroadentheservicescopeoffuturesmarketinrelationtoagriculture,ruralareasandruralpopulation.
2015年3月28日，国家发展改革委、外交部、商务部联合发布了《推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动》，为“一带一路”战略思想勾勒出具体路线图，标志着“一带一路”战略步入全面推进阶段。“一带一路”沿线国家多为发展中国家和新兴经济体，同时沿线国家资源禀赋各异，经济互补性较强，随着“一带一路”战略深入推进，沿线国家的经济联系将更加紧密，我国与沿线国家在原材料、大宗商品现货贸易和期货市场方面有着很大的潜在合作空间。同年11月底，国际货币基金组织（IMF）决定将人民币纳入特别提款权（SDR）的货币篮子，成为继美元、欧元、日元及英镑之后被纳入SDR货币篮子的第五种货币。人民币入篮SDR有助于提升人民币的国际影响力，扩大人民币计价的商品贸易和金融服务范围。未来大宗商品用人民币定价的认可度将进一步提高，以人民币定价的期货品种更易被境外投资者接受，对增强我国期货市场定价的有效性和权威性、提升我国期货市场的国际影响力，都有积极作用。
OnMarch28,2015,theNationalDevelopmentandReformCommission,MinistryofForeignAffairsandMinistryofCommerceofthePeople’sRepublicofChinaco-issuedtheVisionandActionsonJointlyBuildingSilkRoadEconomicBeltand21st-CenturyMaritimeSilkRoad,morecommonlyknownasthe“OneBelt,OneRoad”Initiative.Thedocumentsketchesadetailedroadmapfortheinitiativeandmarksthebeginningofitsfullimplementation.MostofthecountriesalongtheBeltandRoadaredevelopingcountriesandemergingmarkets,eachwiththeirownresourcesthatcancomplementwellwiththeeconomicdevelopmentofothercountries.Underthe“OneBelt,OneRoad”Initiative,thesecountriesstandtoformmuchclosereconomicties,creatingvastgrowthopportunitiesforthespotandfuturesmarketsofrawmaterialsandcommodities.ProgressisalsomadeonanotherfrontinNovember2015,whenIMFagreedtoincludeRenminbiasthefifthcurrencyinabasketofcurrenciesthatconstitutetheSpecialDrawingRight(“SDR”)–aftertheU.S.dollar,theeuro,Japaneseyenandpoundsterling.ThisdecisionhelpsboosttheinfluenceofRenminbiinternationallyandexpandtheusageofRenminbiincommerceandfinancialservices,whichwillsetoffapositivechainreactionaswiderrecognitionofRMB-denominatedcommoditieswillalsogroomoverseasinvestorstobemoreopentoRMB-pricedfuturesproducts,whichwillhelpaffirmthevalidityandauthorityofpricesinChina’sfuturesmarketandraiseitsinternationalprofile.
“一带一路”战略和人民币国际化，既为我国期货市场双向开放提出了新要求，也为期货市场国际化带来了新机遇。在“引进来”方面，“一带一路”战略的深入部署和人民币国际化进程的持续推进，将吸引更多的国际投资者与相关经营者为规避以人民币计价的商品和金融的价格波动风险参与中国期货市场，我国期货市场需要以原油期货为突破口，逐步吸引更多的境外投资者参与到境内市场。同时也要学习、借鉴国际同行在产品创新、市场运作和监管等方面的先进做法，努力打造更加健康、有序、开放的期货市场。在“走出去”方面，继续支持具有市场竞争力和风险承受力的期货经营机构开展境外期货业务，设立境外分支机构，便利境内投资者利用境外衍生品市场更合理地进行资产配置，更好地为境内实体企业和投资者提供境内外一体化的期货及衍生品市场服务，为中国企业在全球化过程中的“走出去”提供金融保障和服务。
The“OneBelt,OneRoad”initiativeandtheinternationalizationofRenminbihavenotonlyimposednewrequirementsforthebi-directionalaccessibilityofChina’sfuturesmarket,butalsobroughtnewopportunitiesfortheinternationalizationofthemarket.Forthe“inflow”direction,theimplementationoftheinitiativeandtheevermoreinternationalRenminbiwilldrawmoreglobalinvestorsandbusinessestotheChinesefuturesmarketinhopeofreducingtheirriskexposuresarisingfrompricefluctuationsofRMB-pricedcommoditiesandfinancialproducts.Atthesametime,theChinesefuturesmarketshouldcapitalizeonthebreakthroughsmadebythelaunchoftheCrudeOilfuturestoactivelyencouragemoreoverseasinvestorstotradeinthedomesticmarket.Furthermore,thedomesticfuturesindustryshouldreferenceandlearnfromtheexperiencesofitsinternationalcounterpartsinproductinnovation,marketoperationandregulation,soastocreateasound,orderly,andopenfuturesmarket.Inthe“outflow”direction,Chinashouldcontinuetosupporthighlycompetitiveandrisk-tolerantfuturescompaniestoestablishbranchofficesandexpandtheirfuturesbusinessoutsideofChina,asitwillenabledomesticinvestorstoleverageoverseasderivativesmarketstobetterallocatetheirassets,provideseamlessglobalfuturesandderivativesmarketservicestodomesticinvestorsandbusinessesthatpowerChina’srealeconomy,andofferfinancialbackingsandservicestodomesticcompaniesseekingtodevelopinternationally.
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