The trading value of commodity futures on the mainland jumped more than 80 per cent last year amid Beijing's efforts to liberalise the commodity markets to support the nation's rapid economic growth. According to a statement by the China Futures Association, annual turnover on the three major futures exchanges in Shanghai, Dalian and Shenzhen rose 81.5 per cent to 130.5 trillion yuan (HK$148.27 trillion). A total of 2.16 billion contracts were traded, up 58.1 per cent from 2008. Both figures were record highs since commodity futures markets were established in 1990. 'The futures market offered help to many businesses in 2009 as they braved through the global financial turbulence,' said Liu Zhichao, the president of the futures association. 'The market did its part in the nation's economic recovery.' The central government took a significant step towards liberalising the futures markets last year when it introduced steel and rice futures amid increasing demand for raw materials and food. In March, the Shanghai Futures Exchange launched contracts for screw steel and steel wire, the major materials widely used in the industrial sector and in construction. Less than a month later, rice futures made their trading debut on the Zhengzhou Commodity Exchange. 'The fast growth of the commodity futures market is a fresh sign that China's economy will have a bigger say in the global economy since more commodity prices will hinge on the supply and demand from the most populous nation,' said Yongan Futures Brokerage analyst Huang Lei. 'The mainland futures market will continue to grow rapidly in line with the country's rising influence in the global economy.' China, the world's third-largest economy, was expected to meet its target of 8 per cent gross domestic product growth for last year. Growth was 7.7 per cent in the first three quarters of the year. The four trillion yuan stimulus package helped the country shrug off the impact of the global economic downturn as massive infrastructure construction projects and easy credit gave the economy a powerful lift. China has yet to launch its first financial futures product even though the China Financial Futures Exchange was established in Shanghai more than three years ago. Regulators had planned to launch stock index futures in 2007 but they were dropped after top policymakers were spooked by fears that short selling would exacerbate the weak market sentiment at that time. Speculation about the launch of the first equity-based derivative heightened recently after China Securities Regulatory Commission chairman Shang Fulin said preparations for the launch of margin lending, short selling and stock index futures were under way last month. Hot market Commodity futures traded last year amounted to 130.5 trillion yuan, a rise of: 81.5%