China will create a stock exchange in Beijing

China will set up a new stock exchange in Beijing, giving the nation’s capital and political center more influence¬†in the world of business and finance.
President Xi Jinping¬†announced the Beijing-based exchange at an international trade fair on Thursday, saying that he wanted to create a venue for “service-oriented” and “innovative” businesses. He did not say when the exchange would be established.
China already has two stock exchanges on the mainland, but they are located in Shanghai and Shenzhen, far away from Beijing. The Shanghai Stock Exchange, which was established in 1990, hosts mostly large-cap companies, including state-owned enterprises, banks and energy firms. The Shenzhen Stock Exchange has a bigger proportion of tech companies and small or medium-sized firms.

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