"A+H" stock derivatives, "Bank + Insurance + Futures" ... Representatives and committee members' suggestions on risk management →

During the National Two Sessions, several deputies and members offered suggestions on financial innovation and market risk management. Among them, focusing on the “14th Five-Year Plan” rural financial transformation, they recommend innovating the “Bank + Insurance + Futures” mechanism to help upgrade agricultural technology; targeting new productive forces, they suggest launching computing power futures and establishing a national computing power trading market to stabilize corporate cost expectations; based on RMB internationalization and Hong Kong’s hub functions, they propose accelerating the layout of RMB-denominated bulk commodity futures and “A+H” derivatives. Additionally, around green finance and corporate overseas expansion safety, they recommend enriching the financial derivatives system to serve the real economy, prevent market risks, and enhance the country’s financial competitiveness.

Deputy of the National People’s Congress Yang Weikun: Innovate “Bank + Insurance + Futures” to Promote Agricultural Production Toward Technological Innovation and Upgrading

Yang Weikun, NPC deputy and president of Hebei Financial College, stated that during the “14th Five-Year Plan” period, the role of rural finance should shift from a simple capital provider to a comprehensive support system for capital allocation, industrial empowerment, and livelihood security.

He suggests that rural finance should guide social capital into strategic foundational areas such as high-standard farmland, modern water conservancy, seed industry revitalization, and intelligent agricultural machinery through innovations like the “Bank + Insurance + Futures” linkage mechanism, expanding medium- and long-term project loans, and issuing special green bonds, to promote the transformation of agricultural production toward technological innovation and upgrading.

Yang Weikun emphasized that the key to rural revitalization lies in thriving industries. Developing new services like supply chain finance, digital inclusive finance, and big data risk control can precisely support rural new formats such as agricultural product processing, rural tourism, e-commerce, and cold chain logistics, helping to build distinctive, complete county-level industrial systems.

Deputy of the NPC Qishi: Recommend Actively Developing Computing Power Futures and Other Innovative Tools to Help Enterprises Operate “Steadily”

Qishi, chairman of Dongfang Caifu Information Co., Ltd., said during the two sessions that the price volatility risk of computing power and related factors is significantly increasing, and corporate risk exposure is clearly expanding, requiring more effective risk management tools.

He believes that large fluctuations in computing power prices directly impact corporate investment plans and long-term layouts. Therefore, he suggests that China consider actively developing innovative tools like computing power futures, exploring the establishment of a computing power trading exchange, and further enriching derivatives offerings for key commodities, so that the financial system can not only help enterprises operate “fast” but also “steadily.”

Regarding what “computing power futures” are, he explains that if a company has a fixed amount of capital to invest in computing power but is uncertain whether future prices will rise or whether the same money can buy enough computing power, a futures market can lock in costs. Future computing power might resemble oil or electricity. He believes that only by reducing price fluctuation risks for enterprises and providing relatively stable cost guarantees and clear future expectations will companies dare to invest and plan.

Member of the CPPCC Zhang Yunquan: Explore Launching Computing Power Futures and Options When Conditions Are Mature

Zhang Yunquan, member of the CPPCC and researcher at the Institute of Computing Technology, Chinese Academy of Sciences, suggested in an interview that, referencing the organizational structure and operation mechanisms of securities exchanges, a third-party national computing power trading platform independent of supply and demand sides should be established to build a unified national computing power market.

He notes that compared to mature commodity markets, the price discovery and trading mechanisms for computing power are lagging behind infrastructure development. His research shows that current trading mainly relies on bilateral negotiations, with inconsistent trading rules across regions, no unified computing power price index, and no derivatives like futures and options for risk management.

He recommends establishing a nationwide unified computing power trading market. The platform itself would not hold computing resources but should ensure neutrality and credibility. A matching center should be set up to provide centralized listing, open bidding, and matching services, covering spot trading and forward contracts, with trading targets including general, intelligent, and supercomputing power.

He also suggests establishing a computing power registration and settlement center responsible for rights confirmation, transaction settlement, and performance guarantees, introducing third-party fund custody and performance guarantee mechanisms. An information disclosure system should be built, including the publication of a “National Computing Power Price Index,” categorized by type, region, and grade, providing authoritative price references for market participants.

He states, “When conditions are mature, explore launching computing power futures and options; in the long term, consider securitizing computing power assets by packaging rights to generate tradable financial products, broadening financing channels for computing infrastructure.”

Deputy of the NPC Chen Zhongni: Develop More ETFs, Futures, Options, and Derivatives Tracking “A+H” Core Indices

Chen Zhongni, NPC deputy and member of the Hong Kong Legislative Council, said during the two sessions that, in line with building a strong financial nation and high-standard market system, the current “A+H” listing mechanism still faces issues, including unidirectional design, regional policy limitations, and insufficient international appeal and bridging functions.

He proposed four suggestions: first, establish and improve mutual recognition mechanisms and open a green channel for H-shares to A-shares conversion; second, eliminate regional policy barriers and expand the scope of preferential policies; third, strengthen joint promotion and branding to attract emerging market companies, and encourage mainland regulators and Hong Kong authorities to collaborate on creating a “A+H” dual listing brand effect; fourth, enrich the financial derivatives system related to “A+H,” optimize the market ecosystem. He recommends further improving supporting financial services based on the current Hong Kong dollar–RMB dual-counter model, and encouraging market institutions to develop more ETFs, futures, options, and derivatives tracking “A+H” core indices to meet investors’ risk management and asset allocation needs. By diversifying products, the liquidity and international attention of the “A+H” sector can be enhanced, promoting further convergence of valuation systems between the two markets and building a more vibrant two-way interconnected financial ecosystem.

Member of the CPPCC Zhao Baiji: Suggest Developing RMB-Denominated Bulk Commodity Futures in Hong Kong

Zhao Baiji, member of the CPPCC and founder of the Hong Kong Accounting Consulting Association, recently told media that Hong Kong is Asia’s largest and the world’s third-largest international financial center, as well as the largest offshore RMB hub. He recommends promoting RMB internationalization from “circulation convenience” to “pricing dominance.” During the “14th Five-Year Plan,” China should aim to move up the value chain—developing RMB-denominated bulk commodity futures, gold trading, and cross-border digital currency settlement—to turn circulation advantages into pricing power and explore feasible paths for capital account opening.

On how Hong Kong can empower the national real economy transformation and foster new productive forces through “finance +,” Zhao suggests leveraging bulk commodity futures, gold trading, and cross-border digital currency settlement to upgrade RMB from a currency for cross-border trade settlement to a pricing currency for bulk commodities.

He notes that Hong Kong is currently collaborating with the Shanghai Gold Exchange to establish a gold central clearing system, planned for trial operation within the year, aiming to make Hong Kong an international gold trading and pricing center. Building on this, Hong Kong can gradually expand into strategic bulk commodities vital to China’s industrial chain, such as iron ore and non-ferrous metals, embedding “Chinese elements” into the international energy and resource pricing systems, transforming China’s huge demand into “Chinese prices,” and providing strategic support for China’s move toward a financial powerhouse.

Member of the CPPCC Wang Jinnan: Continue Improving the National Carbon Emission Trading Market

Wang Jinnan, member of the CPPCC, said at the fourth plenary session of the 14th CPPCC that during the “14th Five-Year Plan,” China’s green low-carbon transformation accelerated, and ecological environment quality continued to improve. He emphasized the need to focus on the overall situation and key points, speeding up the comprehensive green transformation of the economy and society, and building a beautiful China.

He recommends adhering to clean, low-carbon, safe, and efficient principles, accelerating the construction of a new energy system, increasing the share of wind, solar, hydro, and nuclear energy, and promoting clean and efficient use of coal, as well as strengthening energy storage capacity.

Wang also suggests maintaining a steady and prudent approach to achieve peak carbon emissions on schedule, continuously improving the national carbon emission trading market, innovating carbon-inclusive mechanisms, and promoting China’s green capacity, technology, and standards to “go global.”

Member of the CPPCC Yang Zongru: Establish an Overseas Investment Guidance Mechanism to Create an Orderly and Win-Win Outbound Investment Environment

Yang Zongru, director of the Guangdong Securities Regulatory Bureau, said during the two sessions that to better safeguard Chinese enterprises’ overseas rights and interests, an outbound investment guidance mechanism should be established, including a dedicated coordination mechanism for overseas investment. This would plan and guide enterprises to prioritize investments in areas conducive to developing new productive forces and strengthening overseas supply chain resilience. Industry associations and leading enterprises should leverage expert think tanks and demonstration roles to guide orderly outbound investments, ensuring domestic industrial chain competitiveness and creating an orderly, win-win outbound investment environment.

He also suggests establishing an outbound investment early warning system, improving public and intermediary services for outbound investment, and strengthening support for enterprises facing unreasonable foreign restrictions and sanctions. This includes integrating existing overseas investment information products such as country/region guidelines, trade reports, and business environment assessments, to build a unified outbound investment warning and information service system. Developing annual outbound investment guides for different regions, and implementing key policies like national overseas service platforms, one-stop outbound service windows, overseas comprehensive service ports, and overseas service stations, to create a complete public service system for outbound investment.

Furthermore, he advocates establishing a support policy system for key enterprises under foreign sanctions, such as quick approval low-interest emergency bridging loans from policy banks, developing specialized insurance products for sanctioned enterprises, and creating fast channels for entering emerging markets.