我国建设期货定价中心应避免“后发劣势”

Curse to the Late Comer Should be Avoided in the Construction of China’s Futures Pricing Center

当前，我国经济发展进入了一个高质量发展和更加国际化的新时代。在这一历史阶段，我国期货市场承担着建设国际性定价中心的历史使命。本文通过对近半个世纪以来后发达国家和发展中国家期货市场产生和发展的观察与思考，发现后发达国家和发展中国家在建设期货市场的初期都享受到赶超发展的红利，我们称之为“后发优势”。但是，当期货市场发展到一定程度的时候，其功能发挥，尤其是贸易定价与形成未来价格的功能的发挥受到了明显的制约，往往成为“影子市场”，我们将这种现象概括为“后发劣势”。本文深入研究了建设定价中心时如何避免“后发劣势”的问题。

At present, China＇s economic development has entered a new era of high quality development with more internationalization. At this historical phase, China＇s futures market bears the historic mission of building an international pricing center. This article observes and considers the emergence and development of the futures markets of post-developed and de- veloping countries in the past half century, and finds that post-developed countries and de- veloping countries enjoy the dividends of futures markets when it came into being, which is known as the ~late-mover advantage~. However, when the futures market develops to a certain degree, its functions, especially the function of trade pricing and the formation of future prices, are obviously constrained and often becomes a ＂shadow market＂. We summarize this phe- nomenon as ＂curse to the late comer＂, and this article examines in depth how to avoid such problems when building a pricing center.