An over-the-counter (OTC) equity exchange was set up in Shanghai as part of initiatives by the central government to develop Shanghai into a global financial hub by 2020. The exchange was set up by the Shanghai United Assets and Equity Exchange, the Shanghai Zhangjiang (Group) Co and the Shanghai International Group, the investment arm of the Shanghai government. The exchange is located in the Zhangjiang High-Tech Park in the Pudong New Area and will initially help start-up firms in Shanghai and other cities in the Yangtze River Delta region to raise money. China launched its first OTC market in June 2001 in Beijing to accommodate stocks de-listed from the main boards in Shanghai and Shenzhen as well as stocks formerly listed on the Securities Trading Automated Quotations network and National Electronic Trading system.