In April 2015, MOF and SAT issued The Notice on the Value-Added 

Tax Policies for the Bonded Delivery of Crude Oil and Iron Ore 

Futures Contracts, which provides that the bonded delivery of 

crude oil futures is to be VAT-exempt until further notice. In June 

2015, the CSRC issued the Interim Measures for the Administration 

of Overseas Traders’ and Overseas Brokers’ Engagement in the 

Trading of Specied Domestic Futures Products, which determines

Shanghai crude oil futures as one of the specied domestic futures 

products and provides rules and regulation regarding the access 

of overseas investors and brokers, laying the foundation for the 

law of China's futures market opening to the world. Later on, in 

July 2015, the People's Bank of China issued the notice on the 

Administration of Cross-border Settlement for Onshore Crude 

Futures Trading.

In the same year on July 31, the State Administration of Foreign 

Exchange has issued a Notice on the Administration of Foreign 

Exchange for Overseas Traders’ and Overseas Brokers’ Trading of 

Specied China Futures Contracts, which is dierent from QFII and 

Shanghai-Hong Kong stock connect, providing an innovative and 

suitable method for futures market to supervise and manage the 

foreign exchange. In August 2015, the General Administration of 

Customs issued the Customs Administration for Bonded Delivery 

of China Crude Futures Contract to support the development of 

bonded delivery business of crude oil futures.

In February 2018, the former General Administration of Quality 

Supervision, Inspection and Quarantine issued the Notice on the 

Administration of Quality Supervision and Inspection of Crude 

Oil Futures, which claried the requirements of inspection and 

supervision of crude oil futures. In March 2018, the Ministry of 

Finance and the State Taxation Administration issued the notice 

on the Futures Trading and Income Tax Exemption for oshore 

institutional and individual traders temporarily.

These policies have laid a solid foundation for INE to provide a 

more convenient and international standard trading platform 

for China’s crude oil futures, and a user-friendly futures trading 

environment for domestic and overseas traders

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