BEIJING -- China's law on futures and derivatives took effect Monday to better protect investors' interests and develop the futures market in favor of the real economy.

The new law is the first of its kind in the country since futures and derivatives trading commenced about three decades ago and is expected to help build a more regulated and open capital market and serve the sustained development of the real economy.

The law was approved at a session of the Standing Committee of the National People's Congress in April.

According to the China Futures Association, China's futures trading volume topped a record 7.5 billion lots last year. Total trading value also hit a historic high of 581.2 trillion yuan (about 86 trillion U.S. dollars) in 2021.