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Chinanews, Beijing, Sept 5 – The New York Stock Exchange has obtained permission to set up a representative office in Beijing. This is the first representative office set up by a foreign securities exchange institution after China published related regulations in last July.
At present, several other foreign securities exchange intitutions have also submitted their applications for the same purpose. Before, only Hong Kong Stock Exchange had set up an office, in 2003, in the mainland based on Closer Economic Partnership1 Arrangement signed between Hong Kong and the mainland. The New York Stock Exchange Beijing representative office will mainly deal with non-business activities related with stocks, including contacting the headquarters and stock promotion2 and investigation3 activities. It will submit reports to China Securities Regulatory Commission (CSRC) regularly to inform the latter about its work, the situation of Chinese stocks listed in NYSE and the situation of its Chinese members. In December last year, during the first Sino-US strategic economic dialogue, the two countries had agreed to set up a NYSE representative office in China. In opening its securities market, China has stuck to the principle of a steady development and aimed at achieving win-win results. China has fulfilled its commitment to open the securities market after joining the WTO. In addition, China has taken some active measures to open its capital market, said CSRC.
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