Price risk management of apple "insurance+futures" in Gansu Province

The EGARCH model was used to empirically analyze characteristics of price fluctuation of Gansu apples from 2017 to 2021．It was found that price sequence of Gansu apples presented a "peak and thick tail" feature．When current apple price rised, impact on next period's market price fluctuation was greater．Gansu has strengthened ability of apple industry chain to avoid price risk by promoting "insurance+futures" price risk management mechanism of apple, and has built a barrier for fruit farmers to prevent risk of apple price fluctuation．There were still constraints to full implementation of apple's "insurance+futures" in Gansu: insufficient funds, strong dependence on subsidies, futures basis risk and futures hedging risk affecting insurance effect．Comprehensive promotion of apple's "insurance+futures" business needs to further increase government's financial support, broaden insurance fund raising channels, innovate policy design and over-the-counter option products, strengthen financial knowledge training of fruit farmers, optimize coordination mechanism of participants, and strengthen application of new generation information technology．