China has announced new plans to support fundraising and investing in small and medium-sized businesses in the form of a third stock exchange based in Beijing.
The decision was announced in a speech by Chinese President Xi Jinping during a trade fair held in the country’s capital from September 2 to 7 but no elaborations on the plan were shared.
The China Securities Regulatory Commission (CSRC) followed up shortly after with a published statement that said the regulator was «excited» about the new prospects.
«Small and medium-sized enterprises can do great things,» the CSRC said, adding that the registration system would be similar to Shanghai’s Nasdaq-styled STAR market.
Mainland China currently has two major exchanges based in Shanghai and the southern city of Shenzhen.
