Hu Yuyue: "Internet + Commodities" to create an upgraded version of the commodity market

Hu Yuyue, director of the Securities and Futures Research Institute of Beijing Technology and Business University, proposed and proposed the implementation of the "Internet + Commodities" action plan on the 16th to create an upgraded version of the commodity market.

He made the above remarks at the "The 5th Futures Market Service Entity Economy 30 People Forum" held by Zheng Shang Institute on the 16th in Zhengzhou.

Hu Yuyue introduced that the so-called "Internet + Commodities" action plan, that is, through the form of the Internet, effectively integrates market resources, rationalizes the order of bulk commodities, and establishes organic links between various levels of markets. The futures market is extended downwards, the spot market is upgraded, and the over-the-counter market is vigorously cultivated to form a multi-level commodity for futures and spot docking, on-site and off-site docking, online and offline docking, commodity and financial docking, and domestic and overseas docking. Market system.

He said that Internet technology can achieve a benign cycle of information and a sharing mechanism, so that the three prices of spot, forward and futures will interact and coordinate with each other to form a fair "anchor price", and the fair "anchor price" is China's competition for bulk commodities. The key to pricing power.

“The 'Internet + Commodities' action plan is not simply an electronic transaction.” Hu Yuyue said that the plan is to integrate with finance, logistics and even upstream and downstream enterprises to form a complete industrial ecosystem. And integrate the industrial chain. The integration of the entire industry chain will increase the efficiency of resource allocation and change the existing pricing rules for bulk commodities.

In addition to the background of the Internet era, Hu Yuyue’s “Internet + Commodities” action plan is also closely related to China’s economy entering a new normal. He said that for China's economy, the internal and external dividends such as population and globalization have decreased, and the economy has shifted from ultra-high-speed growth to sub-high-speed growth. It is expected that China's GDP growth rate will fall below 7% in the second quarter of this year to 6.8%.

"In this context, the Chinese government has implemented the 'One Belt, One Road' strategy." Hu Yuyue believes that this move can achieve the goal of exporting excess capacity, controlling resources along the line, and forming China-led trade rules. These three objectives will be different. The path comprehensively enhances China's pricing power over bulk commodities, that is, using the renminbi as a pricing currency to achieve resource control and affordable prices.

Hu Yuyue suggested that in order to help compete for the international pricing power of bulk commodities, China should speed up the improvement of forward market, swap and other over-the-counter markets as well as futures, options and other on-markets based on the spot market. The futures market should speed up the pace of innovation, and launch new types of futures contracts horizontally in terms of variety innovation, especially futures contracts that can be labeled as resources along the “Belt and Road” to improve the variety system; longitudinally tapping existing futures contracts and innovating through trading mechanisms. , the contract will be better and stronger. In the two-way opening, let futures companies and investors "go out" and introduce foreign investors and futures varieties. In addition, the domestic exchanges should set up delivery warehouses for related varieties along the “Belt and Road” to create international influence.

Hu Yuyue said that various institutions should cooperate with innovation. It is necessary to form a futures contract that can reflect the change of market information first and the transaction price is fair, and the formation of such a futures contract needs to be on the futures trading delivery system, investment and financing services, information services, data services and even futures contracts. Conduct comprehensive innovation.

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