China has taken another substantive step in opening its futures market, approving 14 additional futures and options contracts as “specific domestic varieties” eligible for participation by overseas investors. The move, announced by the China Securities Regulatory Commission (CSRC) on January 23, signals a faster pace of market liberalisation following several years of incremental expansion.

The newly approved products span four trading venues: the Shanghai Futures Exchange (SHFE), the Zhengzhou Commodity Exchange (ZCE), the Guangzhou Futures Exchange (GFEX), and the Shanghai International Energy Exchange (INE). With this latest addition, the total number of domestic futures and options open to foreign participation rises from 24 to 38.

From a product perspective, the expansion is concentrated in industrial metals, petrochemicals and energy-related contracts. SHFE will open nickel futures and options, while GFEX will introduce lithium carbonate futures and options. ZCE contributes the largest group, covering paraxylene, purified terephthalic acid-related options, bottle-grade PET, and short fiber futures and options. INE’s additions focus on derivatives linked to its existing international contracts, including TSR 20 rubber options, low-sulphur fuel oil options and international copper options.

Regulators have indicated that exchanges are already preparing for implementation, with an emphasis on orderly rollout and risk control. Exchange officials noted that market infrastructure, trading rules and investor education efforts are being aligned to accommodate overseas participation, particularly for contracts where international exposure and cross-border pricing relevance are expected to increase.

For market participants, the structure of this round of opening is notable. A significant portion of the newly added products involves simultaneous access to both futures and options, strengthening the availability of hedging tools rather than expanding directional exposure alone. Industry participants point out that this “futures-plus-options” approach allows overseas traders to manage price volatility more effectively, especially in contracts such as nickel and lithium carbonate, where global supply chains and price cycles are closely linked.

China's futures market has pursued internationalisation largely through a product-by-product framework rather than across-the-board access. Since the launch of crude oil futures on INE in 2018—the first domestic contract fully open to foreign investors—internationally accessible products have steadily expanded across energy, chemicals and metals. By the end of last year, qualified overseas investors were able to trade more than 100 futures and options contracts in China, covering most major commodity categories.

Alongside product expansion, overseas participation has been rising gradually. Official data show continued growth in active futures accounts in 2025, reflecting broader market depth rather than a sharp influx driven by any single policy change. Market observers view the latest expansion as a sign that regulatory frameworks and operational experience have reached a level where larger, more frequent openings are feasible.

Rather than a symbolic gesture, this round of additions reflects a more confident phase of China's futures market opening—one focused on improving risk management functions, attracting diversified global participation, and strengthening the role of domestic contracts in international price formation. Whether these contracts evolve into widely referenced global benchmarks will depend less on access alone, and more on liquidity, transparency and sustained participation from both domestic and overseas market users.