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BEIJING: Foreign stock exchanges will be allowed to set up representative offices in China from July but they will not be permitted to generate any revenue, state media and the government said Monday.
Overseas stock exchanges will be allowed to promote their organisations and conduct research through the offices, the China Securities Regulatory Commission said.
However, the representative offices and their staff will be barred from signing any agreements or contracts which may generate revenues, according to new rules posted on the commission's website.
Both the New York Stock Exchange and the tech-heavy Nasdaq Stock Market have been preparing for the establishment of Beijing offices, the China Daily said.
Other giant stock exchanges among the competition include London, Singapore, Toronto, Tokyo, the China Daily said Monday.
China's booming economy and stock markets, coupled with an increase in new company listings has sparked massive interest among overseas bourses seeking to attract Chinese firms to their exchanges.
The announcement of the new rules comes ahead of the second round of the Sino-US Strategic Economic Dialogue, high-level talks in Washington on a wide range of economic and trade issues.
Last year, 86 Chinese firms raised US$44 billion from overseas initial public offerings, accounting for 19 per cent of the global total, the report said.
In 2005, 81 Chinese firms raised US$20.5 billion from overseas initial public offerings, it added. - AFP/yy
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