At 9:00 on November 27, pulp futures were officially listed on the Shanghai Futures Exchange (hereinafter referred to as the previous issue). Fang Xinghai, vice chairman of the China Securities Regulatory Commission, Zheng Yang, director of the Shanghai Municipal Bureau of Local Financial Supervision, Jia Zhiren, vice president of the China National Light Industry Council, Timothy Brown, vice president of the Pulp and Paper Products Council (PPPC), and Jiang Yan, chairman of the Board of Directors of the previous period, attended the listing ceremony. He has delivered speeches, Vice Chairman Fang Xinghai, Director Zheng Yang, Vice President Jia Zhiren, Chairman of the China Paper Association Zhao Wei and Chairman Jiang Yan of the previous issue jointly put together the pulp futures. Cheng Hao, deputy director of the Futures Supervision Department of the China Securities Regulatory Commission, read the "Reply on the approval of the Shanghai Futures Exchange to carry out pulp futures trading" by the China Securities Regulatory Commission. The general manager of the previous period, Xi Zhiyong, presided over the listing ceremony. More than 300 guests from Shanghai, relevant national ministries and commissions, China National Light Industry Association, China Paper Association, CSRC system unit, member of the previous period, deposit depository bank, paper industry chain upstream and downstream enterprises, market institutions, news media, etc. Attend the ceremony.
Fang Xinghai pointed out in his speech that the establishment of China's pulp futures market will objectively reflect the changes in supply and demand in China and the global pulp market, help the implementation of national forest protection policies and environmental protection policies, enhance the international influence and voice of China's pulp and paper products, and guide papermaking. The stable and healthy development of the industry is of great significance. Pulp futures also provide hedging tools for related production, consumption and trading companies to help enterprises stabilize production, guarantee returns and improve competitiveness. The CSRC has the confidence, determination and ability to build and develop the futures market, better serve the real economy, and make new contributions to the high-quality development of China's economy.
Zheng Yang said that the listing of pulp futures will expand the breadth and depth of financial markets, further enrich financial products and tools, enhance the function of Shanghai International Financial Center to allocate global financial resources and serve the country's economic and social development, and continuously enhance the Shanghai International Financial Center. Radiation and global influence are the strong support for Shanghai to upgrade its financial services and launch the “Shanghai Service†brand in the financial sector.
Jia Zhiren said in his speech that the launch of pulp futures is undoubtedly a good profit for the Chinese paper industry market. It is hoped that Pulp Futures will give full play to its price discovery function, establish market-accepted pulp prices, and enhance the right to speak in the international market; provide price risk management tools for enterprises, enrich the quotation mode, and lock in price risks; sustainable for China's paper industry Stable development, lay a solid foundation, boost confidence, and establish a banner.
According to Timothy Brown, China has a pivotal role in the world pulp market, given China's huge pulp consumption. It is believed that the pulp futures of the Shanghai Futures Exchange will not be too long to become the price benchmark for the Chinese market or even the Asia-Pacific region.
Jiang Yan said in the thank-you words that the listing of pulp futures will help to form a price system that reflects the supply and demand relationship between China and the global pulp market, and provide effective risk management tools for entities to support the steady and healthy development of the paper industry. In the previous period, we will firmly hold the bottom line of systemic risks, strengthen first-line supervision duties, improve risk management and market service capabilities in transactions, delivery, settlement, information, technology, etc., and ensure the smooth listing and stable operation of pulp futures.
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