'Third board' to satisfy growing financing needs for non-listed firms

China's equity transfer system for non-listed small and medium-sized enterprises was introduced in Beijing on Wednesday, opening up a national over-the-counter and off-exchange market to satisfy growing financing demand, the China Securities Regulatory Commission said.

The step is a milestone for the Chinese capital market. A unified platform will take the place of the previous regional pilot programs for equity trading in small companies that have not yet reached the conditions needed for listing.