NEW tentative rules on futures markets will mean many existing markets will fail to qualify under the tighter definition.
Although there are currently some 20 futures markets in China, only the markets in Shenzhen, Shanghai and Zhengzhou have launched standard contracts, while others mainly carry out spot or forward trading.
''After the regulations are published, I am afraid not many of them could be called futures markets,'' said Qiao Gang, deputy head of the China Futures Markets Advisory Centre.
The centre was jointly set up by the Commission for Restructuring the Economic System and the State Council Development Research Centre to look into matters relating to futures markets.
Mr Qiao also revealed that a commodities futures market would be established in Beijing as a model for futures markets in other parts of the country.
The trading hall will occupy 1,800 square metres in a building at Beijing's Asian Games Sports Village.
According to Mr Qiao, Beijing was chosen because many large corporations had their headquarters in the capital and the flow of information was more efficient there.
