China To Open a New Stock Exchange in Beijing, President Says

Chinese President Xi Jinping announced on Thursday the creation of a stock change based in Beijing to foster smaller companies from the Asian country.

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"We will continue to support the innovation-driven development of small- and medium-sized enterprises by setting up the Beijing Stock Exchange as the primary platform serving innovation-oriented SMEs [small- and medium-sized enterprises]", the president said.

Xi Jinping remarked that establishing free trade zones can help the recovery of the global economy. "Service trade is an important area for international economic and trade cooperation. It plays an important role in [China's] new development strategy," the president added.

China's Securities Regulatory Commission said in a statement that all companies listed in the exchange will belong to the innovation sector. The authorities planned the Bejing stock exchange as complementary to those in Shanghai and Shenzhen.