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At the recent Fifth Session of the Thirteenth National People's Congress, Xia Deren, the mayor of Dalian, pointed out that the local government would give Dalian Commodity Exchange (DCE) all-out support for launching industrial commodity futures, so as to push forward the built-up for a comprehensive commodity futures trading center.
Xia Deren said, "In 2006, DCE had launched soybean oil futures, and its trade volume of corn ranked second in the world. The abundant agricultural resources in the Northeast, the developed logistics and storage systems for grain in Dalian and the Dalian Northern Grain Wholesale Market, the biggest grain market for spot trading in China, laid a solid foundation for DCE' s further expansion in agricultural commodity futures market."
In 2007, Dalian aims to build up a regional international financial center, and boost the development of the banking, insurance, futures, securities and the trust industries. This initiative will be of great help for DCE for launching industrial commodity futures and its build-up of commodity futures trading center.
Delegates believed that Dalian had been an important base for crude oil processing and distributing in China for years, with a oil processing capacity of more than 30 million tons a year. So far, a crude wharf of 0.3 million tons had been completed and become one of the four crude oil reserve bases in China. Dalian is connected to the main crude area in China, the Daqing and Liaohe Oil Fields, whose capacities of oil producing was nearly half of that of the whole nation. The oil produced from Daqing Oil Field was the main kinds that fit for futures exchange and Russian crude was largely imported through the Northeast. Therefore, launching industrial commodity futures in DCE, especially oil futures trading, would be of great significance to the revitalization of the Northeast Old Industrial Bases and the economic development of Dalian. It would also promote the progress of petrochemical, financial, storage, transportation industries and the port, for not only Dalian, the northeast as well. Moreover, Dalian would rank higher as a regional international financial center and an international maritime center.
