Third Securities Exchange Established in Beijing, China

Xi Jinping to Prioritize Innovative SMEs... China Encourages Mainland Listings Amid US-China Tensions

[Asia Economy Beijing=Special Correspondent Jo Young-shin] China has decided to establish a mainland securities exchange in its capital, Beijing.

According to Chinese economic media Caixin and others, Chinese President Xi Jinping announced in a congratulatory speech at the China International Fair for Trade in Services (CIFTIS), which opened on the 2nd in Beijing, that a securities exchange will be newly established in Beijing. Currently, excluding the Special Administrative Region of Hong Kong, there are securities exchanges in two mainland Chinese cities: Shanghai and Shenzhen.

[Image source=Yonhap News]

President Xi said, "We will continue to support the innovation and development of small and medium-sized enterprises," adding, "Through the establishment of the Beijing Securities Exchange, we will build a main stronghold for service innovation-oriented small and medium-sized enterprises."

The plan to establish the Beijing Securities Exchange came amid Chinese authorities' negative stance toward the listing of their technology companies in the United States.

Since the full-scale start of the US-China new cold war, China has preferred that its promising big tech companies list on the Hong Kong or Shanghai stock markets, which are clearly under China's control.

In the past, China's promising technology companies strongly preferred to list on the US stock market. However, recently, amid rapid changes in the political environment, there has been a clear trend of 'returning' to the Hong Kong stock market or the Science and Technology Innovation Board of the Shanghai Stock Exchange.

This content was produced with the assistance of AI translation services.