China intends to allow foreign companies to list on the Shanghai stock exchange as part of its plan to turn the city into a global financial centre.
A statement issued yesterday by China's State Council, or cabinet, mapped out a cautious plan to increase foreign investor participation in the mainland market and to allow foreign companies to issue A shares. It gave few details and no timetable for when it might happen.
The goal is to allow “qualified foreign firms” to issue A shares “at an appropriate time”, gradually to increase renminbi-denominated bond issues by multilateral development agencies, and gradually to increase the participation of foreign investors in the city's financial markets, said the statement.
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