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Official: No Third Stock Exchange Planned in China
China will not consider establishing its third stock exchange for the time being, said a senior official with the China Securities Regulatory Commission (CSRC).
Despite the fact that some major metropolises in central and west China, such as Chengdu, Wuhan and Chongqing, volunteered to host the nation's stock exchange, Geng Liang with the CSRC ruled out the possibility.
Currently, there are two stock exchanges in China, one in Shanghai, and the other in Shenzhen.
"The condition to establish stock exchange in the western part of China isn't ripe yet," he said at the ongoing Western Forum of China Saturday.
China is trying to develop its capital market through the establishment of a universal market around the country, he said, therefore, companies in Western countries can invest in China and go public in either the Shanghai or the Shenzhen Stock Exchange.
Professor Xiao Zhuoji, a well-known economist with Beijing University, suggested that the Chinese government put aside the idea and let the two stock exchanges open service centers in the west.
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