China's securities regulator has announced plans to launch crude oil futures trading by the end of this year.
The idea is to turn the Chinese markets into an alternative benchmark for global oil pricing.
Zhang Xiaojun is a spokesperson for the China Securities Regulatory Commission.
"The China Securities Regulatory Commission has been working with relevant ministries, departments and units in actively promoting the establishment of the crude oil futures market. So far, the work has been progressing smoothly, and we're trying to launch crude oil futures within the year."
Currently, global oil pricing is dominated by markets in Europe and the United States.
Oil futures, mainly West Texas Intermediate and Brent Crude, are used as the benchmarks in global oil pricing.
