When the New York Stock Exchange is closed, a ‘new economy’ will be created in Shanghai
Business Insider article China is the latest country to open its markets to tourists from around the world after a year-long slump.
China’s stock markets opened on Monday for the first time since January, allowing tourists to invest in Chinese stocks on the global exchange.
But China has been slow to ease restrictions on the number of foreign visitors visiting its financial district.
The opening of markets was delayed until at least 2020 due to the financial crisis, but the Shanghai Stock Exchange (SSE) has seen a surge in trading since.
The Shanghai Stock Exchanges are located in a central location on the second floor of a skyscraper in Shanghai, China.
At least 10 people were killed when a truck ploughed into a crowd of pedestrians in a busy pedestrian street in central Beijing on February 5, the deadliest mass killing in Chinese history.
China is currently the world’s third-largest economy, but it is the biggest economy in the world, with a GDP of $14.4 trillion.
“China is the new economy,” Li Jiefu, chief executive of the Shanghai-based Shanghai Composite Index (SCI), said in an interview with CNBC.
“The economy is already growing, and the world is watching.”
The opening of the markets is expected to boost the economy by a quarter, according to a Reuters report.
According to Bloomberg, the Shanghai Composite index rose by almost 6 percent on Monday to 1,732.36 points.
But the SCI is not the only index in the sky.
Other indexes in the Shanghai market jumped by around a fifth on Monday, with the Shanghai International Composite Index surging 4.7 percent.
Siemens stock index is up almost 6% in the past month.
Other indexes have also rallied on the news of the opening of Shanghai.
Gold futures rose by over 1 percent to $1,849.60 an ounce, according a Reuters story.
It is the second day that the Shanghai stock market has been opened.
On January 25, the market was closed for the day for the opening ceremony of the Sino-American Economic Cooperation summit.
Chinese authorities have been tightening the reins on the numbers of foreign tourists coming to the country.
In the wake of the financial meltdown, many countries have opened their markets for visitors to invest, especially after the financial bubble burst.
China has had more than 4 million foreign tourists in the country in 2015.
Since the financial collapse, China has seen an explosion in tourism, particularly during the Lunar New Year, when the country celebrates the return of the Chinese New Year.