China to set up mainland’s third stock exchange in Beijing as Xi Jinping promises more digital trade zones
- Chinese President Xi Jinping tells China International Fair for Trade in Services that boosting the country’s service sector can help the post-coronavirus global recovery
- Recent moves by Beijing such as a tech crackdown and anti-sanctions law have hit investor confidence, but Xi says country ‘wants to work with all sides’
Chinese President Xi Jinping has announced plans to set up a new stock exchange in Beijing and more digital trade pilot zones under plans to expand the country’s role as a global services hub.
Service trade is an important area for international economic and trade cooperation. It plays an important role in [China’s] new development strategy
“Service trade is an important area for international economic and trade cooperation. It plays an important role in [China’s] new development strategy,” Xi said via a video link.
“We’d like to work with all sides, based on principles of cooperation and win-win, to share service trade opportunities and promote global economic recovery.”
While Xi did not elaborate on details for the mainland’s third bourse, the China Securities Regulatory Commission published an online statement after the speech that said it was “a strategic plan that will let capital markets better serve [China’s] development”.
The regulator also said all future listed companies on the exchange will be from the innovative sector already operating in the over-the-counter (OTC) market.