The Shanghai Futures Exchange has begun trading… pulp. The fibrous material marks the 50th commodity to be traded on the Chinese futures market.

The move will help China have a bigger say in the international market for pulp and paper products, said Fang Xinghai, vice chairman of the China Securities Regulatory Commission, at the opening ceremony Tuesday.

China is the world’s largest pulp importer. In 2015, China imported about one-third of the world’s total imports of pulp. Pulp is used in many products, including paper, man-made fibers and plastic.

China is the world's biggest consumer of commodities, but does not have much power when it comes to setting global prices – which is why the country has expanded its domestic commodity futures trading in recent years.

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