Recently, the vice-chairman of the China Securities Regulatory Commission, Fang Xinghai offered his views on the major tasks that should be completed in order to develop the futures market and making China the global price-setting centre for commodities.

In this regard, ANBOUND Consulting points out that it is a rather difficult task for China to realize this target.

There are few hurdles that must be cleared before China can become the global price-setting centre for commodities.

Firstly, China should foster internationally competitive exchanges and nurture international talents.

Secondly, not only that the pricing mechanism must be able to withstand scrutiny, it must also gain market recognition.

Thirdly, China should pay particular attention to regulate market transactions, increase supervision of law enforcement and establish reasonable order for market transactions.

The goal of developing the futures market can be only achieved when all these measures are pursued.