China legislative body to promote new futures products

Financial reforms were also hotly debated at this month's two sessions, the Ministry of Finance says, China's fiscal policy in 2013 will include increased bond issuance and the availability of futures.

NPC deputy, Wu Yulu, is pushing for the implementation of market regulations and systems to promote market-oriented coal futures as soon as possible.

Wu said, "After coal futures are being sold on exchanges, the market would be guided due to an improving market system."

The second-highest priority out of the economic proposals at the two sessions is promoting treasury bond futures.

The Ministry of Finance has said a main feature of this year's fiscal policy is increasing bond issues and improving management system.

Major economies around the world all have established their own treasury bond futures markets.

Chen Han, Senior official of China Financial Futures Exchange, said, "Treasury bond futures are a simple financial instrument in the overseas market. It would be easier to increase market liquidity through listing treasury bond futures as it has relatively lower credit risk."

Analysts say China's treasury bond futures will be listed within this year as the basic preparations have already concluded.