China: Xi Jinping announces the creation of an SME stock exchange in Beijing
Chinese President Xi Jinping announces the opening of a new stock exchange in Beijing, this Thursday, September 2, 2021 (Illustrative image).
© Andy Wong / AP
Text by: Stéphane Lagarde Follow
3 min
After Shanghai and Shenzhen, the Chinese president announced this Thursday, September 2, 2021 the upcoming creation of a Beijing Stock Exchange.
Announcement made during a video conference speech for the opening of the China International Trade and Services Fair.
And this listing will be at the service of small and medium-sized businesses.
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From our correspondent in Beijing
,
Return of the concept of "
common prosperity
" and redistribution of wealth, war against the monopolies of the tech giants, fight against inequalities ... Capitalism with Chinese characteristics has been in the dark in recent days.
But now, on the giant screen of the international trade and services fair, Xi Jinping announces the creation of a third stock market in mainland China, this time in the heart of the Chinese capital.
Pixelated smile on the networks of those who feared a flashback to the days of pre-market socialism.
Innovative SMEs
The announcement is intended to support innovative small and medium-sized enterprises, says the Chinese president, and to attract listed companies abroad.
As announced by Prime Minister Li Keqiang at
the parliament meeting in 2020
, Beijing intends to promote targeted assistance to SMEs considered to be more job-creating than the Internet giants.
The future financial center could be
an extension of the existing
Beijing
SME stock exchange
, known as the Third Council, and also called the “stock market”, because it is frequented by small shareholders who are often elderly.
"
Small and medium-sized enterprises can do great things,
" the China Securities Regulatory Commission hastened to say after the presidential address.
An announcement that also falls within the framework of post-Covid economic nationalism, limiting IPOs on foreign markets and on the contrary encouraging Chinese companies to raise funds locally.
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China
Economy
Finance
Xi Jinping