NASDAQ to open representative office in Beijing

NASDAQ announced on Thursday that it has received Chinese government approval to open a representative office in Beijing, the Wall Street Journal reported. The stock exchange said that the office will be responsible for marketing campaigns in mainland China as well as creating better communication channels with the regulators. The New York Stock Exchange, NASDAQ's principal rival, opened a representative office in China soon after Treasury Secretary Henry Paulson persuaded Beijing to allow such moves earlier this year. It is part of a wider effort to win Wall Street a bigger role in China's developing capital markets. There are 49 China-based companies listed on NASDAQ, 15 of which made their market debuts this year. NASDAQ used to maintain an office in Shanghai but closed it in 2004 when it changed its strategy on Asian listings.