| Chongqing to list 10 more companies in two years |
SHANGHAI, June 4 -- Chongqing, China's biggest municipality by size, is planning to list 10 of its local enterprises in two years, according to the city's deputy mayor.
The strategy in the near future will likely bring the biggest city in southwest China more funds, said deputy mayor Huang Qifan.
The 10 companies will include Southwest Securities Co, Chongqing Steel Group, Chongqing Commercial Bank and Shangshe Group, Huang told Xinhua news agency.
These companies may list via different ways, such as initial public offerings or backdoor listings, which will raise funds for the city and promote the restructuring of those firms to urge them to evolve into modern enterprises, Huang said.
The city now has only 30 listed companies with a combined 50 billion yuan (US$6.5 billion) market value, which is a very small fraction of the total around the country.
Chongqing, China's fourth municipality, is also the most populous among the country's four provincial-level municipalities.
With the central government's policies aimed at further developing Western China, Chongqing has become a "Gateway to the West." Foreign investment in the city is growing at a rapid pace.
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