China, UK pledge to open door for listings

China and the UK on Monday pledged to allow companies to list on overseas exchanges, the Financial Times reported. A Chinese economic delegation to London, headed by vice-premier Wang Qishan, said it would open the door to UK companies wishing to list on the Shanghai stock market though no deadline was specified. HSBC is expected to be among the first foreign companies to list in Shanghai should regulations permit. The British government is also expected to lift restrictions against Chinese companies listing in the UK. The move resulted from a summit with Alistair Darling, the UK’s Chancellor of the exchequer. Britain reiterated its commitment to reform international financial institutions to better reflect “changing weights in the world economy.” After many years of blocking attempts to give China more voting rights at the International Monetary Fund (IMF), the UK has thrown its weight behind reforms of IMF governance from 2010.