China Works on AI Token Futures in Race Against U.S. GPU Compute

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China Works on AI Token Futures in Race Against U.S. GPU Compute

China is working to design AI token futures contracts, the smallest units of information in AI models.

• Chinas daily AI token usage has surged since early 2024, reaching over 140 trillion tokens by March 2026.
• China experts are pushing token futures to compete against US GPU compute futures in the global AI race.

Chinas Shanghai Futures Exchange (SHFE) is in the very early stages of researching and designing artificial intelligence (AI) token-based futures. AI token daily usage in China has surged since early 2024, reaching over 140 trillion tokens per day by March 2026. This move is also partly driven by intensifying AI rivalry with the United States, which is developing GPU compute futures.

China Designs AI Token Futures Contracts

According to sources, SHFE is researching and designing token-based futures, the smallest units of information processed by AI models, often described as the “digital fuel” or raw material that powers AI and is used to price AI services.

The contracts will allow companies across the AI supply chain to hedge against volatile AI costs by standardizing and trading these tokens as a new asset class. This fits into Chinas push to treat AI as a strategic growth engine, including efforts to build a spot market for computing power backed by data centers and AI users.

Root Cause Behind Chinas AI Token Futures Push

Chinas AI token futures are driven by AI token daily usage surge in China and partly by the intensifying AI rivalry with the U.S. where the CME Group and Intercontinental Exchange are preparing to launch GPU compute futures.

AI token daily usage in China has surged more than 1,000-fold since early 2024, reaching over 140 trillion tokens per day by March 2026. This has led to computing power shortages and rationing of access to some Chinese AI models.

Furthermore, Yilei Shao, dean of the Shanghai AI-Finance School at East China Normal University, said that “The United States and China are the only two nations capable of mass-producing artificial intelligence,” adding that the maxim “Whoever masters AI, rules the world”.

Related: AI Tokens Surge Amid Compute Cost Pressures & Infrastructure Race

What Does This Mean for the US–China Global AI Race？

Notably, the plan is still preliminary, no launch timeline has been set, no regulatory approval has been sought yet from the China Securities Regulatory Commission (CSRC), and the design could change.

According to a recent research, China is expected to debut compute futures, whether token-based or otherwise, within the next three to five years, however, the fragmented structure of the countrys computing power market remains a key obstacle, even as the AI data centre sector is projected to grow from about USD 42 billion in 2025 to over USD 336 billion by 2032.

Chinese experts, including Yilei Shao, have urged launching token futures “sooner rather than later” to strengthen the country‘s position in both technological and financial competition with the United States. If successful, this could create a new asset class for hedging AI costs and further integrate financial markets with China’s AI ambitions.