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    Shaping the Securities Industry Spatial Pattern by Institutional Arrangements in China: An Analysis Based on Headquarters Location of Securities Companies by Zhang Xuchen, Pan Fenghua

    Published 2025-01-01
    “…From the early days of the industry, central government policies have played a decisive role in shaping the spatial organization of the securities sector. Shanghai and Shenzhen were designated the only cities legally permitted to host stock exchanges, granting them a unique infrastructural advantage that naturally fostered the growth and concentration of the securities industry. …”
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