BEIJING — The cumulative turnover of China's main over-the-counter (OTC) equity market has hit 66 billion yuan (about $10 billion) so far this year.

The National Equities Exchange and Quotation (NEEQ), also known as the "new third board," registered a turnover of 3.7 billion yuan in the transaction week from July 5 to 9.

As of July 9, there were 7,464 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.