中国期货市场发展的历史阶段和向成熟状态的嬗变

The Historical Stage of the Development of China's Future Market and the Evolution to Mature State

期货市场作为市场经济的价格发现与风险管理中心,对稳定市场经济整体运行发挥着重要作用。中国的期货市场早在晚清时期便已开始萌芽,并在民国时期经历了快速发展阶段。但是,自新中国成立至1988年被重新引入,中国的期货市场经历了长时间的中断。此后,在将近30年的时间里,中国的期货市场经历了重新设立和快速发展、清理整顿和规范发展、稳步推进和创新发展阶段。本文以制度变迁和历史演变的视角,划分和解析了中国期货市场发展的历史阶段,阐释了中国期货市场向成熟状态嬗变的主要内容。

As the price discovery and risk management center of the Market Economy,the future market has played an important role to stabilize the whole operation of the Market Economy. As early as the late Qing Dynasty,the China's Future Market had already began to sprout,and developed rapidly during the Republic of China. However,from the establishment of the People's Republic of China in 1949 to be reintroduced in 1988,the China's Future Market experienced a long time of disruption. From that time on,the China's Future Market has evolved through the stage of re-establishment and rapid development,cleaned up and orderly development,steady development,and innovation-driven development. From the perspective of institutional change and historical evolution,this paper classifies and analyzes the historical stage of the development of the China's Future Market,and explains the main contents of the evolution to the mature state of the China's Future Market.