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China to Decide Venue of Second Board Market
Chinese cities competing for the host of the country's planned second board stock market may see the result by the end of the year, said Shenzhen's Mayor Yu Youjun.
Yu was quoted by today's "China Securities" as saying that Shenzhen is the best choice for the second board market, adding that the city will make every effort to ensure that the market is located in Shenzhen.
The Chinese regulators' decision to set up a second board market sparked off competition among Chinese cities for the host of the market earlier this year.
The Shanghai and Shenzhen stock exchanges are major competitors. But others also suggested Xi'an in the northwest, citing the potential impact on China's strategy to develop its western regions.
According to Yu, Shenzhen has everything that is needed for a second board. The special economic zone is the cradle of China's market economy and has a prospering high-tech industry. Shenzhen and the Zhujiang River Delta have a highly developed private sector as well.
The mayor denied that the much-speculated merger of the Shanghai and Shenzhen bourses would have a serious impact on the city's revenue, implying that the new bourse would be located in Shanghai.
Observers said if this happens, regulators might put the second board market in Shenzhen.
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