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Insurance Plus Futures: Agricultural Commodity Price Reform in China

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  • Tristan Kenderdine

Abstract

China's agricultural support policies are moving towards market institutions through a quasi†market transition. Ten years of direct minimum purchase price procurement on agricultural commodities resulted in overcapacity, oversupply, mixed†market signals and grey†market imports. The Insurance Plus Futures (ä¿ é™© + 期货) policy pilot in agricultural price reform is a leading indicator of reform in China's agricultural production and rural finance architecture. State procurement of staple crops is now ending, and an interim governance structure is in place for the transition to market prices. This article assesses the historical institutional development of three key economic institutions in Chinese agricultural production: agricultural prices, insurance and futures. It examines government plans to move from a centrally procured to a provincially variable agricultural production model, examines the provincial sectoral target†price mechanisms constructed in 2016–2018 as interim price†setting mechanisms, looks at the emergence of government mandated agricultural insurance as a measure to cover the subsidy previously served by the minimum purchase price system and assesses the prospects for institutional development of futures contracts, commodities exchanges and price formation institutions in China.

Suggested Citation

  • Tristan Kenderdine, 2018. "Insurance Plus Futures: Agricultural Commodity Price Reform in China," Asia and the Pacific Policy Studies 201824, Crawford School of Public Policy, The Australian National University.
    • Handle: RePEc:een:appswp:201824
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    File URL: https://onlinelibrary.wiley.com/doi/epdf/10.1002/app5.226
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    Cited by:

    1. Shaolong Zeng & Bingying Qi & Minglin Wang, 2022. "Agricultural Insurance and Agricultural Economic Growth: The Case of Zhejiang Province in China," IJERPH, MDPI, vol. 19(20), pages 1-21, October.
    2. Shukun Wang & Changquan Liu & Lei Han & Tingting Li & Guolei Yang & Taofeng Chen, 2022. "Corn Grain or Corn Silage: Effects of the Grain-to-Fodder Crop Conversion Program on Farmers’ Income in China," Agriculture, MDPI, vol. 12(7), pages 1-16, July.
    3. Zhuo Chen & Bo Yan & Hanwen Kang, 2023. "Price bubbles of agricultural commodities: evidence from China’s futures market," Empirical Economics, Springer, vol. 64(1), pages 195-222, January.
    4. Rival Valcin & Tomohiro Uchiyama & Rika Terano & Katsumori Hatanaka & Yasuo Ohe & Nina Shimoguchi, 2024. "Ex-ante evaluation of a cross-sectorial business model for risk management in new product development: the case of Haitian farming," Review of Agricultural, Food and Environmental Studies, Springer, vol. 105(4), pages 419-441, December.
    5. Rahul Kumar Singh, 2023. "Efficiency of Wheat Futures across APMC Mandis," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 21(3), pages 681-701, September.
    6. Mike S. Li & Desheng Guo & Miaoshi Lin & Chengyi Pu, 2025. "Research on Corn Income Insurance Pricing under the "Insurance + Futures" Model," International Business Research, Canadian Center of Science and Education, vol. 18(6), pages 1-71, December.

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