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1、TheFunctionsandRolesofFuturesMarketinTheDevelopmentofSoybeanIndustryMr.LiuXingqiang,President&CEO,DalianCommodityExchangeAugust2009Chinaisoneofthelargestsoybeanconsumersandproducersintheworld.HostingtheWorldSoybeanResearchConferenceinChinaconveysspecialsignifi
2、cancenotonlyforChina,butalsofortheworld’ssoybeanindustry.ThemajorthemeoftheWorldSoybeanResearchConferenceistodiscussthedevelopmentofsoybeanindustryandrelatedscienceandtechnologyissues.Asafuturesexchange,whatcontributionscanwemakehere?Itrulyappreciatethewisdomo
3、ftheorganizingcommitteeofthisconferenceinsettingupdiscussionsonthefunctionsoffuturesmarketinthedevelopmentofsoybeanindustry.Beforewediscussthefunctionsoffuturesmarketinthedevelopmentofsoybeanindustry,pleaseallowmetogiveyouabriefingontheoverallsituationofthefut
4、uresmarketdevelopmentinmainlandChinaandDalian.China’sfuturesmarketwasinitiatedinearly1990s.Inlessthan20years,thefuturesmarketinmainlandChinahasbecomeoneofthemostdynamicandinfluentialemergingmarketintheworld.In2008,thetotaltradingvolumeofthethreecommodityfurutr
5、esexchangesinChina,respectivelyinDalian,Shanghaiandzhengzhou,reachedto1.36billioncontracts,whiletheoveralltradevalueamountedtoRMB71.9trillion.AccordingtothestatisticsofFuturesAssociationIndustry(FIA)intheUnitedStates,thetradingvolumeofmainlandChina’scommodityf
6、uturesaccountedfor36.5%oftheworldtotalin2008.Intermsoftradingvolume,Chinaisthesecondlargestcommodityfuturesmarketintheworld,onlysecondtotheUnitedStates.DalianCommodityExchange(DCE)wasestablishedin1993.Itisanon-profitmembershipfuturesexchange.Currently,thereare
7、sevenagriculturalandchemicalproductslistedinDCE,includingsoybean,soybeanmeal,soybeanoil,corn,palmoil,LLDPEandPVC.Intermsoftradingvolume,DCEissecondlargestagriculturalfuturesmarketandthelargestplasticsfuturesmarketintheworld.AccordingtothestatisticsofFuturesInd
8、ustryAssociation(FIA),in2008,DCEtradingvolumerankedNo.10among69futuresandoptionsexchangesintheworld.14Now,let’smovetothediscussionsonthefunctionsoffuturesmarketinthedevelopmentofso
