China to Open Stock Exchange
China’s first full-fledged stock market since the Communist takeover will open in Shanghai in December, it was reported today.
The port city will begin operating a national securities exchange in a new building equipped with computer terminals linked to trading counters inside the city and throughout the country, Shanghai’s official Liberation Daily newspaper said.
Shanghai Mayor Zhu Rongji, during a recent visit to the United States, told the Los Angeles Times that the new exchange would first concentrate on government securities and later develop trading in shares of Shanghai companies.
Shanghai had one of Asia’s largest stock exchanges before the 1949 Communist takeover.
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