New stock exchange to be set up in Beijing
CHINESE President Xi Jinping yesterday said the country would set up a stock exchange in its capital, Beijing, to serve small and medium-sized enterprises.
Chinese mainland’s two major stock exchanges are in the financial hub of Shanghai and the southern city of Shenzhen, on the mainland’s border with Hong Kong.
In a video address at the opening of the China International Fair for Trade in Services in Beijing, Xi said China would continue to support the innovation-driven development of SMEs. This would be done “by deepening the reform of the
New Third Board and setting up the Beijing Stock Exchange as the primary platform serving innovation-oriented SMEs,” he added.
China’s securities regulator said setting up a Beijing stock exchange would help deepen financial supply-side structural reforms and improve capital market systems.
In a statement issued shortly after Xi’s remarks, the China Securities Regulatory Commission said its leadership was “excited” at the prospect, would study the president’s proposal in depth and resolutely implement it.
“Small and medium-sized enterprises can do great things,” the CSRC added.
In other comments in his speech, Xi said China would “create more possibilities for cooperation by scaling up support for the growth of the services sector in Belt and Road countries.”
China will support Beijing and other localities in “piloting the alignment of domestic rules with the ones in high-standard international free trade agreements, and in building demonstration zones of digital trade,” the president added.
China will also explore the development of national demonstration zones to promote the innovative development of services trade. “Using peace, development and win-win cooperation as the ‘golden key,’ we will be able to address the challenges facing the world economy and international trade and investment, and create a brighter future for all,” he said.
Themed “Towards Digital Future and Service Driven Development,” the 2021 CIFTIS will end on Tuesday. Over 10,000 enterprises from 153 countries and regions are participating.
Shanghai made its appearance in the event with an exhibition area of 100 square meters showing the city’s image as well as progress and achievements in developing digital trade.
The exhibition area is designed around the theme of “Digital Trade Hub Port, Link to New Global Scenarios,” and is divided into six parts — a preface highlighting the city’s trade in services, four sections showing achievements and some major projects on cloud services, digital content, digital services and cross-border e-commerce, as well as a conclusion section.
In the first half of 2021, the total value of service imports and exports reached US$99.84 billion in Shanghai, an increase of 36.6 percent year on year.