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China approves plan for new tech exchange in Shanghai: Xinhua

The sunrise rises over the skyline of Lujiazui financial district of Pudong in Shanghai September 27, 2013. REUTERS/Aly Song/File Photo (Reuters)

BEIJING (Reuters) - China has approved a plan to set up a Nasdaq-style board for tech companies in Shanghai aimed at improving their ability to raise funds, the official Xinhua news agency reported on Wednesday.

President Xi Jinping presided over a meeting of a commission on deepening reforms during which plans for Shanghai's "technology innovation board" were approved, the news agency said.

Xi also said a plan to implement a pilot registration-based initial public offering system for the new exchange had been approved, it said.

Xi first announced a plan for the board in November.

(Reporting by Beijing Monitoring Desk)