China set to open new stock exchange in Beijing
China has announced plans to set up a third stock exchange to serve small and medium-sized businesses.
China President Xi Jinping said the new share market will be in the capital Beijing, during a speech to the International Fair for Trade in Services, reports BBC.
Mainland China currently has two major markets based in the Shanghai financial hub and the southern city of Shenzhen.
The move comes as Chinese companies are coming under intense pressure at home and in the US.
