China to set up Beijing Stock Exchange for SMEs

Chinese president XI Jinping said on September 2 that China will set up a Beijing Stock Exchange to better serve small and medium-sized enterprises (SMEs).

President Xi announced the plan during a video message at the summit of the China International Fair for Trade.

“We will continue to support the innovation-driven development of small- and medium-sized enterprises (SMEs), by deepening the reform of the New Third Board (National Equities Exchange and Quotations) and setting up a Beijing Stock Exchange as the primary platform serving innovation-oriented SMEs,” Xi said in his speech.

The Chinese mainland currently has two stock exchanges, one in Shanghai, the financial hub of the country; the other one sits in the southern city of Shenzhen bordering Hong Kong.