FirstFT: China wants to create a new stock exchange
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China will Create a new stock exchange In Beijing, as part of an attempt to deepen the development of SMEs and their capital markets.
Chinese President Xi Jinping stated at an international trade exhibition yesterday that the new capital exchange will become the main platform for serving “innovative small and medium-sized enterprises”.
The announcement marks China’s latest effort in its long-term onshore capital market development activities. In recent months, with the increasingly stringent regulatory review of offshore listings in the United States and China, people have cast doubts about the long-term prospects of Chinese companies listing on Wall Street.
This announcement also comes at a time when the Xi Jinping administration has launched a series of regulatory and policy reforms in recent weeks. The initial crackdown on fintech loans and antitrust abuse has been extended to companies in various industries in China.
Xi Jinping also hinted at a major shift to wealth redistribution as part of the fight against powerful business elites.Alibaba yesterday Pledged to donate 100 billion yuan ($15.5 billion), equivalent to about two-thirds of its net income last year, is used to support President Xi Jinping’s call for more “common prosperity” projects as it seeks to resolve Beijing’s scrutiny of the technology industry.
Thank you for reading FirstFT Asia. happy weekend. -Emily
There are five more stories in the news
1. WhatsApp fined 225 million euros for violating GDPR WhatsApp already Fined 225 million euros It violated EU data privacy laws by failing to inform its users how to share data with its parent company Facebook. This is by far one of the largest fines related to the General Data Protection Regulation.
2. China warns of U.S. tensions threatening to combat climate change China warned the United States that a “strategic misjudgment” in its relationship with Beijing has triggered bilateral tensions and could disrupt high-level talks aimed at fighting the conflict. The global threat of climate change.
3. The Supreme Court allows the establishment of Texas anti-abortion law Joe Biden accuses the U.S. Supreme Court Cause “unconstitutional chaos” In its ruling, the state of Texas, the second most populous state, was allowed to enact a law prohibiting abortion after approximately six weeks of pregnancy.
4. Singapore puts Binance on its investor alert list The Monetary Authority of Singapore stated that Binance May have violated local regulations, Making this city-state the latest global regulator to crack down on international cryptocurrency exchanges.
5. The United Nations warns of the imminent food crisis in Afghanistan The UN Deputy Special Representative for Afghanistan, Ramiz Alakbarov, stated that most children under the age of 5 face severe malnutrition, while one third of the population has hungry. Read the rest of our Afghanistan report Fortis.
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the day before
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