china

China’s Government has announced plans to set up its third stock exchange intended to serve small and medium-sized businesses.

Addressing the International Fair for Trade in Services, China’s President, Xi Jinping, said the new share market will be in the country’s capital, Beijing.

Currently, mainland China has two major stock exchanges, one based in the Shanghai financial hub and the other in the southern city of Shenzhen.

The announcement comes as Chinese companies have come under increasingly close scrutiny, both by Beijing and Washington.

Together with tough new measures imposed on companies by China’s authorities, the Government is also intensifying oversight of firms with share listings in the US.

Indeed, last week, BYD – a Chinese electric carmaker – had to suspend plans to sell shares in its computer chip making unit. It was the latest share offering to be impacted by the Chinese Government’s crackdown on business.

At the speech, President Xi Jinping did not provide further detail about the new stock exchange, however shortly after he spoke, the China Securities Regulatory Commission (CSRC) issued a statement to say it was “excited” at the prospect.

“Small and medium-sized enterprises can do great things”, it said.  

Related

Heathrow Airport Departures

Pre-Christmas woes: Heathrow baggage handlers to strike from 16th December

December 2, 2022
by Arnas Lasys

The terminal from which Air Malta operates is set to be affected

Airplane Mode to become a thing of the past for intra-EU flights following new EU Commission decision

November 29, 2022
by Arnas Lasys

In a push for widespread adoption of 5G tech, passengers will be able to use their phone’s full capabilities in-flight

The end of pesky liquids restrictions in airport hand luggage? UK airports could ditch rules by 2024

November 24, 2022
by Helena Grech

The UK Government is considering rolling out more advanced scanners by mid-2024, sources told the BBC