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.