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Beijing's plans to bolster 'non-Hong Kong' exchanges flop

Effort to build up mainland and Macao rivals off to a slow start

Visitors leave the Venetian Macao casino in Macao. The head of Guangdong Province's financial supervision authorities has submitted a proposal to Beijing to set up a yuan-denominated bourse in Macao.   © Reuters

SHANGHAI -- China has embarked on a mission to slowly sideline Hong Kong as a financial center, building up rival stock exchanges on the mainland and now in Macao.

There are now over 60 listings on the SSE STAR Market, Shanghai's new platform established for high-tech companies. A proposed yuan-denominated bourse in Macao is intended to serve as a model case of China's "one country two systems" formula, something Beijing has struggled to do with Hong Kong.

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