Jiang Yang, vice chairman of the China Securities Regulatory Commission (CSRC), said at a conference Tuesday that foreign investors will be allowed to participate in China's futures market, Shanghai Securities News reported.

Foreign companies will be permitted to enter futures categories that are already developed and mature in China, said Jiang, while attending the Ninth China (Shenzhen) International Futures Conference.

Also, Chinese companies with strong competitiveness and ability to cope with risk will be encouraged to seek opportunities abroad, Jiang noted.

The move by the CSRC is in line with decisions made at the Third Plenary Session of the 18th Communist Party of China Central Committee, Jiang said.

The market system for commodities futures and financial derivatives will be improved, the Shanghai Securities News report said, noting that the variety of futures will be upgraded, regulations will be strengthened, and laws will be modified or introduced.

Wu Xiaoling, a member of the National People's Congress (NPC) Standing Committee and deputy director of the NPC's Financial and Economic Committee, also said at the futures conference that amendment of China's Securities Law and introduction of a Futures Law will be on the agenda for the NPC's Financial and Economic Committee and Legal Affairs Office next year, finance.sina.com.cn reported Tuesday.

Putting two laws on the same year's agenda for the same industry is an innovation, Wu was quoted as saying by finance.sina.com.cn.

The Futures Law will provide legal guarantees for further development of the country's futures and its derivatives market, the report said.

Amending and introducing the two laws at the same time will save legislative resources, according to Wu.

The timing is seen to be right for introducing the Futures Law, as China's futures market has been developing for over two decades, providing market foundations for the law.