The time has matured and the CPPCC members have called for reopening the treasury bond futures market.

As members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) made proposals gradually public, the reporter noticed that among the many proposals concerning the capital market, many members of the Chinese People's Political Consultative Conference (CPPCC) have called for the reopening of the treasury bond futures market.

CPPCC members and the former Bureau of Jilin Province Securities Regulatory Bureau Changlian Lianhai said in the proposal that the conditions for the implementation of the Treasury bond futures are already in place and the time is ripe.

Jiang Lianhai pointed out that the short legs of China's capital market are very underdeveloped in the bond market. The "Twelfth Five-Year Plan" clearly stated that it is necessary to actively develop the bond market. This is an important means to promote the restructuring of the real economy and change the mode of development. It is also a necessary measure to improve the financial system, diversify various risks and increase investment tools. The proposal proposes that in order to develop the bond market, on the one hand, it is necessary to deepen bond market reforms and solve institutional and institutional issues such as bond issuance, management, faith disclosure, and investment evaluation. On the other hand, it is necessary to actively introduce bond derivatives trading represented by government bond futures. Form and risk control tools. Jiang Lianhai believes that if the bond market lacks the important financial instrument of Treasury bond futures, investors will not be able to hedge against the risk of interest rate fluctuations, which will affect the enthusiasm of their investment bonds, which in turn will lead to a decline in the bond market activity and make it difficult for the bond market to develop healthily.

Member of the National Committee of the Chinese People's Political Consultative Conference and Chairman of China Foreign Capital Financial Co., Ltd. Li Jiange pointed out in the proposal that as a long-established and mature financial derivative product, the Treasury bond futures has been widely recognized for its ability to evade interest rate risk and price discovery. Li Jiange pointed out that in the global financial crisis in 2008, the treasury bond futures market operated smoothly and did not increase the risk to the financial system. The facts show that under the constraints of a reasonable system of regulations, the risks of the national debt futures market can be effectively controlled, and basic functions can be effectively played.

Li Jiange pointed out that China's development of national debt futures trading is increasingly necessary. With the continuous improvement of the interest rate marketization in China, interest rate risk exposure has entered an active period, and the demand for risk management has become increasingly urgent. He believes that Treasury bond futures trading can effectively help China's financial institutions and economic parties to avoid interest rate risks and ensure the security of the financial system; in addition, Treasury bond futures trading can also promote the interest rate marketization and the improvement of interest rate systems, and increase the effectiveness of bond pricing. The liquidity of the bond market promotes the integration and in-depth development of China's bond market.

When referring to the conditions and environmental issues for the introduction of treasury bond futures, Jiang Lianhai pointed out that the risk of treasury bond futures markets in the 1990s was mainly due to the fact that China’s capital market has just started, laws and regulations and systems are not perfect, and investors are immature and regulate. Nor enough experience. After more than two decades of development, China's capital market system and environment have changed dramatically, and fundamental changes have taken place. In particular, since the launch of China's stock index futures, the market has been operating steadily and rationally, and the hedging function has played a significant role. The supervisory level has accumulated experience of inter-market supervision between the spot market, the investor appropriateness system and regulations fostered the investor team, established a relatively complete risk control system and a strong technical support guarantee system. Jiang Lianhai believes that the timely launch and successful operation of stock index futures has laid a good foundation for the launch and management of government bond futures.

Therefore, Jiang Lianhai believes that the conditions for the implementation of Treasury bond futures are already in place and the time is ripe. It is recommended that relevant departments strengthen coordination and cooperation, accelerate the pace of development, and promptly and decisively introduce Treasury bond futures in order to promote the development of China's bond market.

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