China's petrochemical industry market system needs to be completed

Relevant experts believe that China, as a world petrochemical power, must have a corresponding international price discourse, and that petrochemical and downstream companies need to be effective tools to avoid operating risks. “The construction of the petroleum and chemical market system has become an important aspect of the healthy development of China's petrochemical industry, and our country’s The construction of the petrochemical market system needs to be guided and standardized.” This is the 4th China Petroleum and Chemical Industry Development International Forum and 2008 China Petroleum and Chemical Market, held on April 24 by Li Yongwu, President of the China Petroleum and Chemical Industry Association in Shanghai. System Construction Summit Forum pointed out.
Yuan Xiaowen, deputy dean of the China Institute of Financial Derivatives, Peking University, believes that China is a major producer and consumer of petrochemical products in the world, but there is no corresponding price discourse right in the world. This is inconsistent with the construction of China’s petrochemical market system. Product transactions are mainly spot-based, and the electronic trading of bulk commodities and the incomplete trading system are closely related.
Currently, the futures market and commodity electronic trading market are gradually becoming the new force in the petrochemical product trading market, providing effective means for petrochemical companies and downstream companies to avoid operating risks, and exerting increasing influence on the price discovery and price index of related petrochemical products. The more important the role. According to statistics, there are currently hundreds of domestic petrochemical and chemical trading markets. In 2007, the turnover of the spot petrochemical professional market with a turnover of over 500 million yuan has exceeded 200 billion yuan. By the end of 2007, the third-party oil companies that have established and launched transactions across the country have The number of chemical e-commerce platform companies has reached more than 20, with a cumulative turnover of 30 million tons, and the amount exceeds 250 billion yuan.
Li Yongwu pointed out at the same time that China’s petrochemical trading market is small in scale overall, and the total turnover of the spot market with 19 turnovers of over 500 million yuan only accounted for 5% of the total sales revenue of the entire industry. The market lacks radiation capacity, trading methods, and market systems. It also cannot adapt to the needs of the rapidly developing petroleum and chemical industry.
Ren Xingzhou, director of the Institute of Market Economy at the Development Research Center of the State Council, said that there is a problem that the regulatory bodies are not clear and the regulatory system is not sound in the commodity electronic trading market. Some trading markets have blindly compared the development in the construction, blindly copied the trading rules, and imposed a lower margin, which has caused some trading markets to face greater risks, affecting the normal development of such petrochemical trading markets. At present, the Ministry of Commerce is developing relevant management measures for such bulk commodity trading markets.
Li Yongwu said that the China Petroleum and Chemical Industry Association has decided to set up a preparatory committee for the Market Coordination Committee of the China Petroleum and Chemical Industry Association. Ren Xingzhou believes that the establishment of such a committee is very necessary. This will be conducive to the formulation of relevant government regulations and policies, help establish a communication platform between the government regulators and the market and traders, and help guide China’s petrochemical industry. Healthy market development.

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