China may allow foreign firms to launch IPOs

SHANGHAI: China may allow foreign companies to launch IPOs on its stock exchanges and issue corporate bonds, the government said, after President Xi Jinping promised the world his country was committed to opening its markets.

The State Council, China’s Cabinet, late Tuesday posted on its website a notice saying it had granted approval in principle for foreign companies to launch IPOs and issue corporate debt and other financing instruments to “support the widening of foreign companies’ financing channels.”