BEIJING, July 29 (Xinhua) -- Shanghai Futures Exchange signed a strategic cooperation memorandum with Qingdao Municipal People's Government, Qingdao Customs and Shandong Port Group Co., Ltd. on Tuesday in a bid to jointly build a multi-level commodity trading market.
Making use of the combination of futures and spot markets, relying on Qingdao's geographical advantage as a coastal city in east China's Shandong Province and policy advantage of pilot free trade zone, giving full display of the cluster effect of Shandong's ports, the move is aimed at further serving the real economy, promoting local economic development and contributing to the Belt and Road Initiative.
Shanghai Futures Exchange will cooperate with the aforementioned parties to jointly develop the commodity market, enhance the price influence of Chinese commodities in the world and build a multi-layer commodity trading market system featuring the interconnection between the futures and spot markets, in-the-field and over-the-counter trading platforms, domestic and overseas markets, as well as online and offline markets.
In the next phase, Shanghai Futures Exchange will further deepen the all-round cooperation with the aforementioned parties in futures delivery, promote the construction of energy futures delivery bases, and try to realize the linkage between the futures and spot markets.
Meanwhile, efforts will be made to promote the modernization of commodity trading market and platform supervision by introducing new technologies such as blockchain, facilitate bonded warehouse receipt registration and transaction center construction, strengthen cooperation in market training, talent exchange and business model innovation, and promote the integrated development of finance and real economy. (Edited by Zhang Yuan with Xinhua Silk Road, zhangyuan11@xinhua.org)
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