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1、China to further open up capital market中国将进一步开放资本市场中国将进一步开放资本市场中国正在考虑启动新一轮资本市场开放措施。2021 年 9 月 3 日国家主席习近平宣布中国将在北京设立证券交易所,并将其建设成为服务创新型中小企业的重要基地。中国最高证券监管机构中国证监会表示,北京证券交易所的成立将成为中国构建发展新范式、推动高质量发展的重大战略举措。China is considering launching a new round of capital market opening-upmeasureswhileseekingcloserinter
2、nationalcooperationinsupervisingoverseas-listed Chinese companies.According to the report by China Daily on 3September 2021,China will set up a stock exchange in Beijing and build it into amajor base for serving innovative small and medium-sized enterprises(SMEs),President Xi Jinping announced.Xi ma
3、de the remark when delivering a speech viavideo at the Global Trade in Services Summit of the 2021 China International Fair forTrade in Services.The China Securities Regulatory Commission,the countrys top securities regulator,said the establishment of the Beijing stock exchange will serve as a major
4、 strategicstep for China to build the new development paradigm and promote high-qualitydevelopment.It will be a significant push for improving capital market functions,promoting the integration of technology and capital,and supporting the innovativedevelopment of SMEs。A capital market system tailor-
5、made for innovative SMEs will be established at theBeijing stock exchange,with the objective of nurturing an array of SMEs specializingin niche sectors and boasting a strong innovative capacity.Innovative SMEs are likelyto be allowed to go public on the Beijing exchange first and then transfer their
6、 listingvenue to Shanghai or Shenzhen when they mature.As said in the keynote Speech by Yi Huiman,Chairman of CSRC at the OpeningCeremony of the 60th WFE General Assembly&Annual Meeting of 6 September2021,capital markets play a vital role in bolstering the steady recovery of the globaleconomy.The gl
7、obal response to the pandemic has taught us again that the root andsoul of the capital market lies in its role to serve the real economy and to protectlegitimate rights and interests of investors,which should also be the primary goal forexchanges and securities regulators.China will continue to supp
8、ort the innovationand development of SMEs.We will take this opportunity to build up a full-cycleinstitutional arrangement for capital markets to serve the innovation anddevelopment of SMEs.The move is the latest deepening reform of the National Equities Exchange andQuotations,known as the New Third
9、Board which comprises the Shenzhen StockExchange as the growth enterprise board and the Shanghai Stock Exchange as thescience and technology innovation board.The planned stock exchange will definitely improve the New Third Boards capacityto serve these enterprises,which in turn will help stimulate m
10、arket vitality.As such,after the Beijing Stock Exchange is founded,the three stock exchanges in Beijing,Shanghai and Shenzhen will form a three-pillar framework for the countrys capitalmarket,and with their differentiated focuses,they can meet the diverse demands ofdifferent kinds of enterprises.To
11、find the best remedies for these challenges,the country has been progressingfrom the easiest to the hardest,and adjusting the measures to suit local conditions.This has been and remains the underlying logic behind its reforms.China Securities Regulatory Commission(CSRC)is working on measures to incr
12、easethe securities that are eligible for connect programs between mainland and HongKong exchanges,expand and improve the Shanghai-London Stock Connect,makemore commodity and financial futures products available to foreign investors,andfacilitate the recognition of international practitioners qualifications.Reference:1.New stock exchange to open in Beijinghttp:/ 00:532.New exchange will better serve innovation:China Dailyhttps:/ 19:163.Nation to further open up capital markethttps:/ 07:324.Openness and Cooperation:the Role of Capital Markets in Post-PandemicRecoveryhttp:/ Updated:2021-09-06