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BEIJING (Reuters) - China will help leading futures companies to speed up their development and encourage qualified firms to be listed, the China Futures Association said in a statement, citing an official from the securities regulator.
Authorities would support futures companies to widen and diversify their financing channels and allow them to compete with overseas players, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, told an industry conference on Sunday, according to the statement.
Leading futures firms should "make due contributions" to ensure China's energy and mineral security, Fang said.
China's commodities market had been volatile this year amid the uneven global economic recovery, easing liquidity and speculation. Metal and coal futures, for example, surged to historical highs before plunging after government interventions.
The regulator will further support the development of futures risk management companies and to steadily expand traders groups, according to the association.
Fang said China is expected to release its first futures law in 2022 after considering it for years, which will help further regulate the derivatives market.
He also reiterated that China will allow more foreign traders to participate in domestic markets while deepening price influence of existing products such as crude oil, iron ore and PTA, the association's statement said.
(Reporting by Min Zhang and Norihiko Shirouzu; Editing by Kim Coghill)