China will delay for a year the...

China will delay for a year the opening of the socialist world’s first futures market. The China Daily said a futures market will be launched on a trial basis in Henan province by the end of next year.

In May, plans were announced to open a market in the southern city of Canton by the end of 1988, but the daily said an investigative group under the State Council, China’s Cabinet, decided to put off the starting date. Chang Qing, senior researcher in the group, said China wanted more time to become better prepared.

A futures market, formerly regarded in China as a form of capitalist speculation, allows traders and producers of raw materials to negotiate a set price for what they think a commodity will be worth at a future date.