On April 22, the Shandong Provincial People’s Government and the Shanghai Stock Exchange (SSE) sign a memorandum on comprehensive strategic cooperation in Jinan, Shandong Province. Sun Wei, Standing Member of the CPC Shandong Provincial Committee and Executive Deputy Governor of Shandong Province, and Gui Minjie, SSE Governor, attended the signing ceremony and delivered speeches. Li Yongjian, Chief of the Financial Work Office of Shandong Province, and Xu Ming, SSE Vice President, on behalf of the two sides, signed the memorandum. On the very day, the Financial Work Office of Shandong Province and the SSE jointly held a training workshop on the capital market in Jinan.
Sun said in his speech that over the past years, the CPC Shandong Provincial Committee and the Shandong Government had attached importance to the reform and growth of the capital market and made outstanding achievements in the building of the multi-tiered capital market system by fostering backup resources for listing, expanding the financing sizes of enterprises’ listing, and guiding the issuance of various enterprise bonds by qualified enterprises. So far, Shandong has boasted a total of 237 listed companies and 250 listed stocks, with the accumulatively raised funds up to RMB304.8 billion. The province is now at the key stage of industrialization and urbanization, and the transformation and upgrading of its economy are also at a crucial point, with great potential to be expected. All this has provided valuable opportunities for the two sides’ strategic cooperation.
Sun added that the SSE, the top securities trading market in China, is a major platform in the domestic capital market. In recent years, the SSE has considerably supported the economic and social development of Shandong. It has continuously expanded the cooperation areas with Shandong by elevating the cooperation level and establishing a close strategic partnership with the province, thus providing considerable support and help for the participation of the province’s real economy in the capital market. He hoped that the two sides, by taking the advantage of the signing of the memorandum, would cement cooperation, propel the innovation of financial products and services, and sponsor cooperation and exchange in terms of technology, regulation, talent, service, and others, in a bid to further the reform and opening-up as well as the steady growth of the province’s capital market for a win-win situation and mutual development.
Gui said in his speech that the SSE market, one of the major parts of the domestic capital market, had made remarkable achievements and developed into one of the emerging securities markets with most rapid growth in the world after more than 20 years of growth. The stock market capitalization, amount of financing, and turnover of the SSE have respectively ranked the 7th, the 3rd, and 6th worldwide. The SSE has built itself into one of the major markets in the globe. Forty-eight Shandong-based enterprises have been listed on the SSE, with the total market capitalization up to more than RMB400 billion. The Shandong-based blue-chip companies, represented by a batch of excellent companies such as Yanzhou Coal Mining Company Limited and Tsingtao Brewery Co., Ltd., have become an essential part of the SSE market.
Gui added that under the leadership of the CPC Shandong Provincial Committee and the Shandong Provincial Government, the province’s economy would be bound to grow rapidly and the securitization ratio of the province would dramatically increase, with the reinforcement of all the reforms. The SSE will strengthen the cultivation and guidance for the listing of the enterprises in such areas as the Shandong Peninsula Blue Economic Zone and the Yellow River Delta Efficient Ecological Economic Zone, boost the listing and financing of the Shandong-based companies in strategic emerging industry, modern service industry, modern agriculture, cultural media and other industries according to the requirements put forward in the development strategy and industrial policies for the state’s key zones, in addition to providing comprehensive professional services in many forms for the Shandong-based enterprises with plans for listing. Moreover, the SSE will further cooperate with Shandong to drive the continuous standardized development of listed companies and their reinforced rationalization, and facilitate the cooperation and exchange on innovation in the capital market. He believed that by taking the advantage of the strategic cooperation, Shandong would continuously give full play to its advantage in the real economy, make full use of the capital market, and fuel the leapfrog economic growth.
Guo Shuqing, Deputy Party Chief of the CPC Shandong Provincial Committee and Acting Governor of Shandong Province, meet Gui Minjie and his entourage after the signing ceremony.
On the very day, the Financial Work Office of Shandong Province and the SSE held a training workshop on the capital market in Jinan. Sun Xianqing, Deputy Chief of the Financial Work Office of Shandong Province, Xu Ming, Vice President of the SSE, and Chen Fei, Deputy Director of Shandong Branch of the China Securities Regulatory Commission, delivered speeches at the ceremony of launching the training workshop.
FTSE Mondo Visione Exchanges Index:
Shandong, Shanghai Stock Exchange Ink All-round Cooperation Agreement
Date 24/04/2013