A total of 66 small and medium-sized enterprises (SMEs) have been added to China's New Third Board this week.

The number of companies listed on the board was 9,384 as of November 4 and represents China's efforts to encourage the development of SMEs amid downward economic pressure.

Turnover on the board reached 4.74 billion yuan (around $707.46 million) last week, according to RoyalFlush Information, a financial information service provider.

The New Third Board, or National Equities Exchange and Quotation (NEEQ) system, is a national system for SMEs to transfer shares and raise funds.

It began life in 2006 as an experimental platform for non-listed small high-tech enterprises in Beijing's Zhongguancun Science Park. The present system was officially established on January 16, 2013 after trials in cities including Shanghai, Tianjin and Wuhan.

It complements the existing stock exchange, the SME board and the ChiNext board. The board is seen as an easy financing channel with low costs and simple listing procedures.

(Xinhua News Agency November 6, 2016)