Policy shift could help Chinese economy grow further

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The Shanghai Stock Exchange took a major step towards expansion today by announcing that it is willing to allow foreign issuers to sell stock.

The move undoubtedly represents a dramatic shift in policy for the stock exchange, and the Chinese economy in general, as they attempt to become a global financial centre.

Companies such as Coca-Cola and HSBC are likely to be highly encouraged by the move and will be eager to become listed in the world’s second biggest equity market.

Xu Ming, Executive Vice-President in charge of the international stocks board, sees the move as being a purely positive thing.

“The internationalisation of the securities market will benefit the whole nation and overseas companies are highly motivated,” stated Xu.

The decision means that foreign companies will have access to Chinese currency in order to fund their expansion in the world’s second biggest economy. It is a major development as the Chinese Government had previously operated a very insular policy when it came to their financial affairs.

It is also an indication of how serious they are about allowing the economy to grow further. The national economy grew by 10.4% last year and this decision suggests that the upward trend in that area will continue.

As the nation’s financial hub, the pressure is on Shanghai to justify this decision and produce those positive results.

Transfer Money to China

If you are looking to invest in China, think carefully about how you will be transferring money to China. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are wondering how to send money abroad – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Policy shift could help Chinese economy grow further

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