2. Administrative regulations. That is, the State Council formulates and issues normative documents related to the highest administrative activities of the state within its scope of authority. At present, China's Futures Trading Law has not yet been promulgated, and administrative regulations have played an extremely important role in regulating China's futures market, which constitutes the main legal basis for regulating the pilot work of the futures market. For example, Decree No.267 of People's Republic of China (PRC) was promulgated, and 1 September 19991implemented the Interim Regulations on the Administration of Futures Trading.
3. The "departmental rules" or "departmental rules" formulated and issued by various ministries and commissions in the State Council are also one of the components of the legal norm system of the futures market. Various ministries and commissions in the State Council can formulate and issue rules within their terms of reference, including two parts: first, the relevant rules issued by the the State Council Securities Commission (the futures regulatory agency) and its executive body, the China Securities Regulatory Commission; Second, other ministries and commissions have formulated and issued rules on the futures market, such as a series of management measures and notices formulated and issued by the State Administration for Industry and Commerce, the State Administration of Foreign Exchange, the Ministry of Foreign Trade and Economic Cooperation and the People's Bank of China. The effectiveness of departmental rules is not as good as that of laws and administrative regulations.
4. Local regulations. That is, the normative documents formulated or approved by the people's congresses of provinces, autonomous regions and municipalities directly under the Central Government and their standing committees, such as the first local regulation on futures market in China, Regulations on the Administration of Futures Market in Henan Province (for Trial Implementation).
5. Local government regulations. According to the constitution of our country, the people's governments of provinces, autonomous regions and municipalities directly under the Central Government can formulate rules, which are generally called "local government regulations", such as the Regulations on the Administration of Shanghai Futures Market issued by the Shanghai Municipal People's Government 1994. From the perspective of effectiveness, local government regulations are the least effective part of the whole futures market supervision system, and shall not conflict with laws, administrative regulations, departmental regulations and local regulations.