Chinese futures market witnessed breakneck growth in 2007, with total turnover surpassing gross domestic product (GDP) for the first time.

The combined turnover of China's three domestic futures exchanges hit 40.974 trillion yuan (US$5.612 trillion) in 2007, up 95 percent over 2006, according to the northeastern Dalian Commodity Exchange.

The aggregate trading volume of the three exchanges -- Dalian Commodity Exchange, Shanghai Futures Exchange and Zhengzhou Commodity Exchange -- was 728.46 million contracts, up 62 percent over the previous year.

More than half of the transactions were completed on the Dalian exchange, while the turnover of the Shanghai exchange reached 23 trillion yuan, making up over 50 percent of the total.

Ma Wensheng, president of China International Futures Co Ltd, said the industry's rapid development should be attributed to China's economic performance and better market regulation.

In 2007, there were four new contracts: Shanghai-traded zinc, Zhengzhou-traded rapeseed oil, and Dalian-listed polyethylene and palm oil.

Industry sources said that Spring 2008 might be a landmark season for the futures market, as gold is expected to be listed in Shanghai and the long-awaited stock index futures may be rolled out.