China will create a new stock exchange in Beijing as part of an attempt to support the growth of small and medium-sized businesses and its capital markets.
Xi Jinping, China’s president, told an international trade fair on Thursday that the new exchange in the capital would be the primary platform for serving “innovation-orientated SMEs”.
The announcement is China’s latest effort in a long-running campaign to develop its onshore capital markets. Focus has been sharpened in recent months following rising regulatory scrutiny of offshore listings in the US and China, which has cast doubt over the long-term future of Chinese companies listing on Wall Street.
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