Frontier Theories Discussion in Futures Markets

Author: Chang Qing
Publisher:
Publish Date: 2005-08-01
Features: The fundamental concepts underlying the formation of the futures market are not complex. In a market economy, almost all products or services produced through human commercial activities face price risks. Particularly for large-scale, bulk, and extensive commodities or services, due to their long production cycles, the price risks can sometimes be so significant that they offset the entire profit margins of the industry. It is therefore imperative to find a market to transfer risks outside of the industry's production activities. This is when the futures market emerged. It can be said that the futures market is an indispensable component of the complete form of the modern market economy. The establishment of China's futures market is not long ago, and after years of focused regulation and restructuring, it is currently entering a period of recovery. At this stage, the industry urgently needs to resolve its strategic goals, guiding principles for regulation, understanding of the laws governing market development, and institutional issues. Without resolving these problems, China's futures market will continue to develop in an unstandardized and slow manner. This book provides a systematic theoretical exploration of these issues. The development of China's current futures market urgently requires theoretical innovation. Chang Qing's "China Pricing Center Theory," just as he proposed the theory for establishing China's futures market years ago, has laid a solid theoretical foundation for the future development of the futures market. — Dr. Zhang Banghui, Deputy Director of the Futures Department of the China Securities Regulatory Commission
Whether calling Chang Qing Professor the "father of China's futures market" or the "pioneer of the futures market," it is well-deserved. Years of dedicated research and extensive practical experience have made him renowned in the Chinese futures industry. Chang Professor was elected as the top figure in the inaugural "Top 10 Influential Figures in China's Futures Market" by Sohu in 2004, demonstrating the widespread recognition of his true expertise. Chang Qing Professor is a model of the integration of theory and practice in China's futures industry. — Professor Hu Yuyue, Beijing Technology and Business University
Reading Chang Qing Professor's works is not only an exhilarating experience but also often moved by the "mission" and "responsibility" embedded in them. I believe that China's futures market will continue to deepen and mature under the leadership of pioneers like Chang Qing Professor, who are aware of their mission and bear a sense of responsibility. — Tang Qingrong, Deputy General Manager of the Zhengzhou Commodity Exchange
Having known Chang Qing for many years, I have watched him transform from a young economist to a scholar-entrepreneur who continues to write even after venturing into business. The shift in roles has not diminished his refined demeanor or his spirit of research. You will constantly see him engaging in passionate discussions about the futures market, expressing his sharp insights, and critiquing current issues in the media. You may not agree with some of his individual views, but you cannot deny his outstanding contributions to China's futures market. To a certain extent, the theoretical innovation and practical development of China's futures market are inseparable from Chang Qing. — Zhang Yisheng, Deputy General Manager of the China Non-ferrous Metal Trade Group Co., Ltd.
This book explores the development patterns of China's futures market as its main theme, focusing on several critical theoretical and practical issues that determine the fate of China's futures market. It proposes the "China Pricing Center Theory," exploring the practical path for China's futures market to become a pricing center on par with Europe and the United States. Starting from some significant theoretical misconceptions about the development of the futures market in China's academic circles, it comprehensively discusses these issues, aiming to clear obstacles for the development of China's futures market in terms of guiding principles. It conducts a specific study of the current operational mechanisms and management systems of China's futures market, deeply analyzing the existing institutional shortcomings and proposing solutions. It also discusses the realistic choices for listing financial futures in China. This book is a macro-level work on China's futures theory and cutting-edge issues.