The Shanghai Stock Exchange is hopeful it will be able to launch its international board this year, a senior executive said on Friday, potentially allowing foreign companies to list in mainland China. "The international board is far more important than individual products," James Liu, executive vice president at the Shanghai Stock Exchange, said in an interview.
"Most times when you are at the last mile, maybe half a mile, that is the most important half a mile. And you want to make sure that you get everything cleaned up."
Chinese officials have said they hope to launch the international board, originally slated for 2010, this year but details on how it would work in practice have not yet been revealed.
Many international companies, including HSBC Holdings Plc, Bank of East Asia Ltd and NYSE Euronext have expressed interest in a Shanghai listing.
A closed current account also makes foreign investments in China's stock market difficult, with investors having to apply for a qualified foreign institutional investor (QFII) licence before they are allowed to buy domestic Chinese stocks.