关键词: 期货市场, 监管, 供给, 需求

Abstract: The economics on regulation holds the view that regulation is a product whose equilibrium amount is decided by the supply and the demand. The target of China's financial regulation,the endogeneity of futures market,the incompleteness of law and the irrationality of investors lead to excess supply of government regulation; the negative ideology about future market,and the distrust on micro foundations lead to excess demand by the investors. The two forces determine that regulation on China's future market tends to be over restrictive. Therefore,since 1999,the regulation has been focused on normalization instead of development.

Key words: China’s futures market, regulation, supply, demand