Futures transaction reports a 70% rise
( 2001-07-30 11:17 ) (9 )

China's futures transactions during the first half of the year rose by 70 percent on an annual basis, according to recent statistics released by China Futures Association (CFA).

In the January-June period, China's futures market reached some 47 million deals, with a total turnover of 1.15 trillion yuan (US$138.55 billion).

Analysts in Changchun say that China's futures market has "embarked on a new road of steady growth" after years of recession and overhaul.

Mr. Liu, manager of a future broker in Changchun, the capital of northwest China's Jilin Province, said China's futures market is "very promising" this year.

He said his company has hit a record high during the first half of this year, with a total transaction of 9.7 billion yuan (US$1.17 billion).

Experts attending a recent symposium in the coastal city of Dalian also believe the futures market is recovering significantly.

"While business operation is better regulated, transactions have increased and the market is becoming more rational," said one of the experts.

Meanwhile, experts pointed out that China's futures market still has great potential for further development, as more products can be placed on the market.

Mr. Han, who works at a futures broker in Jilin City, told Xinhua that China's upcoming accession to the World Trade Organization will probably lead to the phasing out of some old rules that do not conform to international practices.

"As regional protective measures and administrative interventions decrease in number, the futures' market will be able to operate more effectively and in line with the laws of the market," said Han, "In the long run, China's futures industry will report further growth."