The Chinese authorities are dragging their feet over their promise to let foreign companies list on the Shanghai Stock Exchange (SSE). Multinationals doing business in mainland China, including banks such as HSBC and Bank of East Asia, are itching to be quoted on the SSE so they can tap into local capital, raise their profile and further entrench themselves in what will eventually be the world's largest economy. China would benefit, too, if the rules preventing non-Chinese companies from listing were removed because the SSE would become bigger, more international and more competitive. The SSE is already the largest exchange in mainland China and the fifth largest in the world by domestic equity market capitalisation. It is marginally bigger than the Hong Kong Stock Exchange.
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