United States In Beijing, China Will Create A New Exchange.
Key Sentence:
- China has announced plans to set up a third exchange for small and medium-sized businesses.
- In a speech at the International Trade Fair, President Xi Jinping said that the new exchange would be in the capital, Beijing.
Currently, mainland China has two main markets, based in the Shanghai Financial Center and the southern city of Shenzhen. The move comes as Chinese companies at home and in the US are under heavy pressure.
Although United States In Beijing President Xi did not develop the plan, China’s Securities Regulatory Commission (CSRC) issued a statement shortly. After his speech saying his leadership was “excited” by the prospect. “Small and medium-sized businesses can do great things,” added the CSRC.
The regulator said the listing system would be similar to the STAR marketplace in Shanghai.
Seen as China’s response to the Nasdaq technology platform in the United States.
The announcement comes as United States In Beijing Chinese companies bow to increasingly tight controls by Beijing and Washington. That have had a significant impact on much of the country’s private sector, from tech giants. And education companies to music streaming platforms and television companies.
Its computer chip manufacturing unit, making it the latest stock offering to hit Beijing’s crackdown.
Earlier this month, China’s government signaled that the crackdown would continue when it unveiled a five-year plan to tighten regulation of much of its economy.
In the United States, Wall Street regulator, the Securities and Exchange Commission (SEC), has announced that it will now request additional information from Chinese companies seeking to sell shares in the United States.