Moneycontrol PRO
Upcoming Event:Super25 3.0- India’s Largest Online Stock Traders Conference brought to you by Moneycontrol Pro & Espresso
you are here: HomeNewsWorld

China to launch Beijing stock market, President Xi Jinping says

Xi Jinping said in a speech at a trade fair that the new stock exchange would support the development of small and medium-sized enterprises, but did not offer further details.

September 02, 2021 / 07:21 PM IST
Chinese President Xi Jinping

Chinese President Xi Jinping

China will set up a new stock exchange in the capital Beijing, President Xi Jinping said Thursday, as the country tries to lure domestic companies into listing at home instead of overseas.

The nation currently has two main exchanges in Shanghai and Shenzhen.

Xi said in a speech at a trade fair that the new stock exchange would support the development of small and medium-sized enterprises, but did not offer further details.

"We will continue to support the innovative development of small and medium-sized enterprises... (by) establishing the Beijing Stock Exchange," he said.

The announcement comes as authorities tighten rules in several key sectors in China from entertainment to tech.

Close

On Thursday Beijing banned TV talent contests and earlier this week introduced harsh restrictions on the time children are allowed to play video games.

China has launched a tech crackdown that has hit large firms including e-commerce behemoth Alibaba and ride-hailing giant Didi Chuxing.

The exchanges in Shanghai and Shenzhen are both subject to a 10 percent band to contain volatility.

But in 2019 the Shanghai Stock Exchange launched a more flexible Nasdaq-style STAR board focused on science and technology listings.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

AFP
first published: Sep 2, 2021 07:21 pm
Sections
ISO 27001 - BSI Assurance Mark