CHINA should restrict overseas listing of mainland enterprises to ensure the development of its B-share markets, says a senior official with the Office of Securities Commission under the Chinese State Council.
The remarks confirm earlier reports that Beijing is concerned that the rush for overseas listings would undermine the country's fledgling stock markets in Shanghai and Shenzhen.
Speaking at a conference attended by general managers from China's publicly listed companies, committee vice-director Ma Zhongzhi said the priority was to develop the B-share markets.
''There is no country in the world which does not place top priority on the development of its own national stock markets. Therefore we should restrict overseas listing to ensure the healthy development of our B-share markets,'' said Mr Ma.
There were two measures to improve the B-share markets, he said.
''The first one is to step up legislation and the second is to facilitate the convergence of our system with other markets in the world.'' He said Beijing would allow more companies to issue B shares this year to boost the development of B-share markets.
Beijing has approved a total of nine mainland companies for listing on the Hongkong Stock Exchange and many others are seeking listing in major financial centres such as New York.