Proposal awaits approval from authorities, says NPC deputy

China's planned crude oil futures will likely see the first attempt to inject foreign investments into the mainland's commodity derivatives market, after a long absence by foreign investors, a top official at the mainland's largest futures exchange said on Wednesday.

The proposal is waiting approval from the State Council, China's cabinet, and the exchange is also in talks with the State Administration of Foreign Exchange on the matter, said Yang Maijun, president of the Shanghai Futures Exchange and a deputy of the 12th National People's Congress.