Shanghai (2)

Business in the UK will be the first to be able to list their shares on markets in mainland China in what is being described as a “groundbreaking” move.

The London-Shanghai Stock Connect will allow UK and Chinese companies to sell shares through joint listings, allowing investors from China to invest in UK companies and vice versa.

Announcing the deal, Chancellor Philip Hammond will say: “Stock Connect is a groundbreaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia.

“London is a global financial centre like no other, and today’s launch is a strong vote of confidence in the UK market.”

Of the 1,500 businesses listed in Shanghai, around 260 are expected to be eligible to list their shares in London.