China, UK stock exchanges launch joint platform

China's Shenzhen Stock Exchange and UK's London Stock Exchange launched an investment and financing platform Saturday to boost development of small and innovative companies in the two countries.

The platform was part of the agreement the two countries reached at the 9th China-UK Economic and Financial Dialogue in Beijing, held to boost bilateral business and investment relationships.

The two-way platform will help connect high-growth innovative start-ups from the two countries with investors and venture capital, and provide professional investment and financing services to support development.

Fang Xinghai, vice-chairman of the China Securities Regulatory Commission, said the launch of the platform between the two stock exchanges is an important step in the development and integration of Chinese and British capital markets.

"The cooperation between China and the UK in the capital markets has a broad base and is mutually complementary, which will help the two countries achieve resilient, balanced and sustainable development," Fang said at the launch ceremony.

Wu Lijun, chairman of the Shenzhen Stock Exchange, said the two bourses will utilize their market and information resource advantages to attract innovative companies, investors, investment banks and listed companies to participate in cross-border financing programs on the platform.

Chancellor of the Exchequer Phillip Hammond, UK's finance minister, welcomed the launch of the financing platform, saying small and innovative businesses are the backbone of UK's economy and they can now gain enhanced access to Chinese capital markets through the partnership.