CSRC: Currently not ready to establish a Chongqing Stock Exchange.

On February 28, the China Securities Regulatory Commission issued a letter regarding the reply to Proposal No. 02650 (Finance, Taxation, and Finance No. 171) of the Second Session of the Fourteenth National Committee of the Chinese People's Political Consultative Conference. It mentioned that currently, there are not yet conditions to establish a securities exchange in Chongqing. The establishment and operation of a new securities exchange require a series of internal and external conditions and must fully consider coordination with the existing market system to achieve differentiated development and competition with existing securities exchanges, avoiding duplication and resource wastage. The Securities Regulatory Commission pointed out that there are currently three securities exchanges in China, namely Shanghai, Shenzhen, and Beijing. With the implementation of the registration system, the multi-level capital market system has become clearer, significantly meeting the needs of different industries, types, and stages of companies. The securities exchanges in Shanghai, Shenzhen, and Beijing all have market bases in the Chengdu-Chongqing region, providing direct and convenient capital market services to the western region and playing an important role in serving the high-quality development of the real economy. The letter also addressed the establishment of a securities exchange or branch in Chongqing, emphasizing that the current conditions do not support the establishment of a securities exchange in Chongqing. Thank you for your concern and support for the development of the capital market. Your suggestions and opinions are welcome. China Securities Regulatory Commission July 22, 2024 This article is adapted from the "CSRC official website"; GMTEight Editor: Chen Xiaoyi.