In his speech at the International Fair of Trade in Services, Chinese premier Xi Jinping announced the government’s intention to open a 3rd stock exchange in the city of Beijing.
The move comes during a time where the private sector especially China’s tech giants is under intense scrutiny by their government and Washington. Following President Xi’s announcement, the Chinese Securities Regulatory Commission released a statement that said that the top officials were “excited at the prospect”
Following the stock markets that already exist in Shanghai and the financial hub of Shenzhen, this new stock market’s primary purpose is to serve small and medium businesses. The new stock market will also follow the Shanghai STAR market model which many believe was China’s answer to the technology-heavy Nasdaq model used in the US.
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