Two of China’s top central government authorities have highlighted increased use of domestic capital markets to expedite the growth of innovative small and medium-sized enterprise (SME) on the eve of the full launch of the Beijing Stock Exchange.
Zhao Zhengping (赵争平), deputy-chair of the China Securities Regulatory Commission (CSRC), said to state-owned media that deepening reform of the New Third Board and the establishment of the Beijing Stock Exchange is a major move for capital markets to support the growth and strengthening of SME’s.
“It is a necessity for implementation of the national innovation-driven growth strategy,” said Zhao.
In future CSRC will “drive the development of the Beijing Stock Exchange, and strengthen cooperation with the Ministry of Industry and Information Technology (MIIT) in the areas of information sharing and policy dovetailing, to support the innovative growth of MSE’s.”
Xu Xiaolan (徐晓兰), deputy-head of MIIT, said that as the authority responsible for macro-guidance of SME growth, MIIT will “endeavour to alleviate the problems of SME financing being difficult and expensive, drive increases in the innovative capability and specialisation of SME’s, and strengthen the nurturing of high-quality SME’s.”
“MIIT will deepen cooperation with CSRC, strengthen the coordination of industrial policy and financial policy, and support the Beijing Stock Exchange in the creation of primary grounds for servicing innovative SME’s.”