BEIJING — The cumulative turnover of China's main over-the-counter (OTC) equity market has reached 81 billion yuan (about $12.5 billion) so far this year.

The National Equities Exchange and Quotations (NEEQ), also known as the "new third board", registered a turnover of 2.9 billion yuan in the transaction week spanning Aug 2 to Aug 6.

As of Aug 6, there were 7,391 companies on the board.

Launched in 2013, the board aims to offer small and medium-sized enterprises a new financing channel with low costs and simple listing procedures.

China has outlined a series of reforms to better orient the NEEQ to the needs and features of small enterprises, and to support the quality growth of the real economy.