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China turns to new stock exchanges to channel finance to innovative firms
中国转向新的证券交易所，为创新企业输送资金
China's economic planners want more home-made semiconductors, but they are not satisfied with more chips simply being produced at home. They want to bring the entire supply chain—from raw materials and chip grinders to labour and capital—onshore. Tens of thousands of companies have established microchip businesses over the past year. Now the state is rushing to ensure such cash-hungry firms can raise capital at home, too.
中国的经济规划者希望有更多的国产半导体，但他们并不满足于仅仅在国内生产更多的芯片。他们希望将整个供应链—从原材料和芯片研磨机到劳动力和资本—带到国内。在过去的一年里，数以万计的公司建立了微芯片业务。现在，国家正急于确保这些渴求现金的公司在国内也能筹集资金。
On September 2nd, China's president, announced that a new stock exchange will be launched in Beijing, joining existing markets in Shanghai and Shenzhen. It is hoped that the bourse, a revamp of an over-the-counter exchange called the New Third Board, will channel capital from professional investors to fast-growing small and mid-sized firms. Domestic listings appear to be thriving. Shanghai will bag two of the world's largest initial public offerings (IPOs) of the year, those of China Telecom, a state-owned communications company, and Syngenta, a state agrochemical giant.
9月2日，中国国家主席宣布，一个新的券交易所将在北京启动，加入上海和深圳的现有市场。人们希望这个交易所，即一个通过名为“新三板”的场外交易平台所改造的（交易所），能够将专业投资者的资金引向快速增长的中小型公司。国内上市公司似乎正在蓬勃发展。上海将包揽今年世界上最大的两家首次公开募股（IPO），即国有通信公司中国电信和国有农用化学品巨头先正达（的IPO）。
The emphasis on domestic fundraising fits snugly into China's strategy of "dual circulation", the cornerstone of the country's latest five-year plan, which aims to bolster domestic markets and reduce reliance on foreign ones, often on national-security grounds. It also offsets the worsening environment for overseas listings. New domestic regulations make it harder for Chinese firms to list abroad: internet companies with more than 1m users, for example, must now apply to the cyberspace regulator for permission.
对国内筹资的重视，正好符合中国的“双循环 ”战略，这是中国最新五年计划的基石，旨在提振国内市场，减少对外国市场的依赖，通常是出于国家安全的考虑。这也抵消了海外上市环境不断恶化的影响。新的国内法规使中国企业更难在海外上市：例如，用户超过100万的互联网公司现在必须向网络监管机构申请许可。
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