BEIJING (AP) — President Xi Jinping says China will set up its third stock exchange to serve private companies in the capital, Beijing. The step adds to promises to support entrepreneurs in the state-dominated economy. The announcement comes as China’s companies face potential new hurdles to raising money on Wall Street or in other Western markets as Beijing launches regulatory crackdowns and tightens political control. Xi gave no details of the planned Beijing exchange or when it might be set up.
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