Source: CCTV.com

12-12-2007 09:06

Special Report:   3rd China-U.S. SED

The New York Stock Exchange has officially inaugurated its Beijing office. Vice Premier Wu Yi and US Treasury Secretary Henry Paulson attended the opening ceremony on Tuesday.

The inauguration of the new office coincides with the 18th China-US Joint Commission on Commerce and Trade and the third China-US Strategic Economic Dialogue. An Official from the China Securities Regulatory Commission says, the new office represents one of the important achievements of the Strategic Economic Dialogue. He adds that it's also a result of China's continuous efforts in opening up its capital markets.

Tu Guangshao, Vice Chairman of China Securities Regulatory Committee said "This is our commitment when joining the World Trade Organization. China has speeded up opening its capital markets in the past years, and will continue to do so in the future."

In early September, the New York Stock Exchange became the first foreign bourse to receive approval to open a representative office in Beijing. The NYSE currently lists a total of 38 mainland companies. As of the end of November, the total market capitalization of Chinese mainland companies on the New York Stock Exchange was 1.1 trillion US dollars.

The New York Stock Exchange is not the only foreign bourse that is wooing initial public offering in the fast-growing Chinese economy. Just a week ago, the Nasdaq opened its representative office in Beijing after receiving its approval just a few weeks after the NYSE.

As more and more Chinese firms becoming globalized, listing overseas has become an important means for their financing, as well as international recognition.

 

Editor:Xiong Qu