The reasons are many, but they are also very simple. The Shanghai Stock Exchange was first opened, but the Shenzhen Stock Exchange was first decided to open and establish. Because it had only been ten years since the reform and opening up, no one knew whether it would succeed, so we lost it. Go to Shenzhen. Anyway, it is used for experiments. There are excuses for failure. Later, when I saw that it could be done, I immediately started it in Shanghai. This is why the Shanghai Stock Exchange was established later than the Shenzhen Stock Exchange, but opened earlier (another point is that The country requires Shenzhen to make concessions to Shanghai, otherwise it would not have delayed its official opening for two or three years), and many blue-chip stocks are listed on the Shanghai Stock Exchange

As for why there is no exchange in Beijing, it is simpler. There are already two , do you want a third one? , In fact, for China, one exchange is enough. Shanghai is the largest city in China, has the best economy, and is the financial center of the Yangtze River Delta. It is natural that an exchange can be established. The Shenzhen Stock Exchange was completely picked up. Who allowed it? He was a development area appointed by Mr. Deng. It was originally used for experiments, but who knew it would be a great success.

Can you understand? The fact that there is no exchange in Beijing is not because the conditions are not good, but because the previous leaders were not optimistic about the success of the exchange at all. After all, the whole country at that time only knew about the planned economy. The Shanghai Stock Exchange was determined by good conditions, and the Shenzhen Stock Exchange was shit luck