Published : 2024-11-26
On November 26, 1990, the Shanghai Stock Exchange was established. It is the first stock exchange established after the founding of the People's Republic of China.
In early November 1989, the Fifth Plenary Session of the 13th Central Committee of the Communist Party of China issued the "Decision on Further Rectifying and Deepening Reform," proposing to complete the task of rectification basically within three years or slightly longer, and to continue deepening reforms and expanding opening up.
During this period, major breakthroughs were to be achieved in certain areas of Reform and Opening-up, with a landmark move in economic system reform being the establishment of a stock exchange.
The preparations for the establishment of the Shanghai Stock Exchange began at the end of 1989.
By the summer of the following year, the then Mayor of Shanghai, Zhu Rongji (朱鎔基), who was visiting Hong Kong, announced that the Shanghai Stock Exchange would be established within the year.
On the day of its establishment, the Shanghai Stock Exchange held its first board meeting, where the board of directors, the supervisory board, and the general manager were elected.
The first general manager was Wei Wenyuan (尉文淵), who was then the director of the Financial Administration Department of the Shanghai Branch of the People's Bank of China.
