ADGM, Shanghai Bourse To Create 'Belt And Road' Exchange
Lorys Charalambous, Tax-News.com, Cyprus
24 April, 2018
Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, and the Shanghai Stock Exchange, China's largest securities exchange, have agreed to collaborate on the establishment of a "Belt and Road" stock exchange.
The exchange will be located in ADGM, and, when established, is intended to serve as a key international capital-raising platform supporting the financing of investments by Chinese and foreign enterprises along the land-based Silk Road Economic Belt network, which connects China with Eurasia.
Richard Teng, CEO of ADGM, said: "We are pleased to support China's 'One Belt One Road' initiative and look forward to further strengthening our relationship with the Shanghai Stock Exchange as the 'Belt and Road' Exchange is developed within ADGM. We will work closely with our partner to better serve the ever-increasing capital and investment needs of both markets and our respective pools of international industry participants."
The Belt and Road initiative is a Chinese-led strategy to bind the economies and cultures of more than 60 countries by land and sea. It comprises a land-based Silk Road Economic Belt integrating trade and investment in Eurasia and an ocean-going Maritime Silk Road extending to Indonesia, South Asia, the Middle East, and Africa. The aim is that by 2050 the Belt and Road region will account for 80 percent of global GDP growth, and three billion more people will be advanced into the middle class.