BEIJING, May 26 -- China has approved the establishment of Morgan Stanley's futures company in Beijing, said the country's securities regulator Friday.

The move came as China has stepped up efforts to expand the opening-up of its futures market, the China Securities Regulatory Commission said.

China will support eligible overseas institutions to invest in domestic futures companies and continue to improve its futures market to serve the high-quality development of its real economy, the regulator said.

China's futures market has maintained steady operation in 2022, with the trading volume of its commodity futures and options accounting for 72.3 percent of the global total, said the China Futures Association.