Government officials say that China plans to develop its futures markets to give Chinese companies and investors a greater say in how commodities are valued, the Wall Street Journal reported. Leaders are concerned that the country’s economic growth is becoming an excuse for foreign suppliers to inflate commodity costs. The first commodity China hopes to influence is oil; as early as next year, the Shanghai Futures Exchange may create its own contract for crude oil modeled on New York’s global benchmark. Suppliers already look to Chinese copper and soybean futures exchanges to decide on output, but Beijing wants more influence over more than 21 commodities it imports. However, the heavy influence of state-owned corporations on the domestic futures exchanges – and the fact that they are closed to outside investors – may limit their credibility.