Shanghai ― China's financial center ― wants to transform itself into a global commodities trading center that can have a stronger influence on international commodities prices in five to 10 years, the city's vice-mayor said on Nov 15.

Ai Baojun made the comments during the first China International Oil and Gas Trade Conference held in Shanghai.

Earlier this year, the country's securities regulator said China plans to establish crude-oil futures to cope with fluctuating oil prices and increase its influence over global prices.

"The research on technology and risk-control for crude-oil futures has been finished in the Shanghai Futures Exchange, and we will start the test trading soon under the supervision of the China Securities Regulatory Commission," said Yang Maijun, Shanghai Futures Exchange general manager.

Yang said China will accelerate the internationalization of its futures market with the crude-oil futures as a breakthrough start.

Julien Le Noble, managing director and head of Asia-Pacific section of CME Group Inc, the world's most diverse derivatives marketplace, is sanguine about Shanghai's plans.

"China's crude-oil futures will definitely be a success in the near future. We are very optimistic about it," Le Noble said.