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Li Chao, spokesman of the central bank, on Wednesday expressed affirmative attitude toward the establishment of new stock bourse in Tianjin.

 

Recently some media reported that Chinese mainland's third stock bourse will be built in Tianjin, a port city in northern China.

 

When interviewed by Xinhua on the issue, Li, spokesman of the People's Bank of China, said Tianjin's proposal to set up the bourse is a positive signal for the development of China's capital market.

 

China's capital market is not deep and broad enough, and a multi-level capital market has not been completely established, Lisaid.

 

China's mainland now has two stock exchanges in Shanghai and Shenzhen. So as to broaden small businesses' financing channels, the Shenzhen Stock Exchange has set up an SME (small and medium-sized enterprises) board.

 

The threshold of the SME board in Shenzhen is still too high for some small enterprises at start-up stage to attract venture capital there, Li said, suggesting the Tianjin bourse will be a good place for the listing of those growing enterprises.

 

The ratio of indirect financing in China is quite high, and the establishment of a bourse in Tianjin will be good for China to boost enterprises' direct financing in stock market, according to Li.

 

(Xinhua News Agency November 16, 2006)